2010년 미국 금융개혁법의 주요내용 및 그 시사점 (The Financial Regulatory Reform Act in the U.S.)

서지정보

· 발행기관 : 한국상사법학회
· 수록지 정보 : 상사법연구 / 29권 / 2호 / 393 ~ 424페이지
· 저자명 : 원동욱

초록

One of the most significant contributors to the american economic downturn was an unraveling of major financial institutions and the lack of adequate regulatory structures to prevent abuse and excess. In recent years,some financial institutions produced a huge variety of new and complex financial instruments. And these products, such as asset-based securities,were designed to spread risk, but unfortunately ended up concentrating risk.
An absence of oversight engendered systematic, and systemic, abuse. Instead of reducing risk, the markets actually magnified risks that were being taken by ordinary families and large firms alike. The results were the bursting of a debt-based bubble, the failure of several of the world's largest financial institutions, the deterioration of the economy, the unprecedented intervention of the federal government. So the U.S. administration proposed a financial regulatory reform. And the U.S. Senate and the House of Representatives passed the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The highlights of the Dodd-Frank Act are as follows; Dodd-Frank Act creates a new independent watchdog, Consumer Financial Protection Bureau,with the authority to ensure American consumers to get the clear, accurate information in relation to the financial transactions. It will end too big to fail bailouts by creating a safe way to liquidate failed financial firms, and establishing rigorous standards and supervision to protect the economy and American consumers. Dodd-Frank Act creates tcan consumersStability Oversight Cousuml to identify and address systemic risks posed by large,complex companies before they threates tcanstability of the economy. It elimcontes loopholes tcat allow risky and abusive practices to go on unnoticed and unregulated, including loopholes for over-the-counter derivatives, hedge funds, etc. It provides tough new rules for transparency and accountability for credit rating agencies.

영어초록

One of the most significant contributors to the american economic downturn was an unraveling of major financial institutions and the lack of adequate regulatory structures to prevent abuse and excess. In recent years,some financial institutions produced a huge variety of new and complex financial instruments. And these products, such as asset-based securities,were designed to spread risk, but unfortunately ended up concentrating risk.
An absence of oversight engendered systematic, and systemic, abuse. Instead of reducing risk, the markets actually magnified risks that were being taken by ordinary families and large firms alike. The results were the bursting of a debt-based bubble, the failure of several of the world's largest financial institutions, the deterioration of the economy, the unprecedented intervention of the federal government. So the U.S. administration proposed a financial regulatory reform. And the U.S. Senate and the House of Representatives passed the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The highlights of the Dodd-Frank Act are as follows; Dodd-Frank Act creates a new independent watchdog, Consumer Financial Protection Bureau,with the authority to ensure American consumers to get the clear, accurate information in relation to the financial transactions. It will end too big to fail bailouts by creating a safe way to liquidate failed financial firms, and establishing rigorous standards and supervision to protect the economy and American consumers. Dodd-Frank Act creates tcan consumersStability Oversight Cousuml to identify and address systemic risks posed by large,complex companies before they threates tcanstability of the economy. It elimcontes loopholes tcat allow risky and abusive practices to go on unnoticed and unregulated, including loopholes for over-the-counter derivatives, hedge funds, etc. It provides tough new rules for transparency and accountability for credit rating agencies.

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