The Treasury Proposes a Plan to Change the Way the Financial System is Supervised

The Treasury Proposes a Plan to Change the Way the Financial System is Supervised
The plan would close some agencies, combine others and create new ones to supervise the financial industry. Transcript of radio broadcast:

03 April 2008

This is the VOA Special English Economics Report.

This week, the Bush administration proposed major changes to the way the financial system is supervised. Treasury Secretary Henry Paulson announced the plan Monday. He said the changes should not and will not be put in place until the current financial crisis is over. The plan is divided into short-term, intermediate-term and long-term goals.

Among the short-term goals is an expansion of the President's Working Group on Financial Markets. The proposal would bring banking supervisors into the group and expand its responsibility to the entire financial industry. Other short-term goals include creating a group to set rules for the home loan industry. Many people blame irresponsible lending to people with risky credit histories for the current subprime mortgage crisis.

Intermediate goals include combining or closing some financial supervising agencies that perform similar duties. The proposal would close the Office of Thrift Supervision, which oversees non-bank savings organizations. It would also combine the Commodity Futures Trading Commission and the Securities and Exchange Commission. The C.F.T.C. currently supervises the market for financial contracts known as futures while the S.E.C. regulates securities markets.

Another aim would be to take the first steps toward the federal government supervising the insurance industry. This industry has been supervised mainly by the states for about one hundred thirty-five years.

In the long term, the plan calls for strengthening the Central Bank to guard against all threats to the financial system. But, the proposal would also create new agencies. It calls for a Prudential Financial Regulator, which would combine all federal bank regulators into a single agency. Also, a Conduct of Business Regulator would be responsible for investor protection. This agency would perform many duties currently done by the Securities and Exchange Commission.

Small banks and some state officials strongly oppose the plan. Small banks see the plan as a way to make big financial companies more competitive. Other groups have criticized the plan because it does not provide help for the current mortgage crisis.

And that's the VOA Special English Economics Report, written by Mario Ritter. Transcripts and archives are at voaspecialenglish.com. I'm Steve Ember.


----------------------------Google Translate


财政部提出一项计划，工作方式的转变，金融体系的监督
该计划将关闭一些机构，结合他人和创造新的活动，以监督金融业的表现。全文电台广播：

2008年4月3日

这是美国之音特别英语经济学报告。

这个星期，布什政府提出重大变更的方式，金融体系的监督。财政部部长亨利保尔森宣布计划周一。他表示，这些修改不应该也不会被付诸实行，直至目前的金融危机已经过去。该计划分为短期，中期和长期的目标。

其中短期目标是扩大了总统的金融市场工作小组。这项建议将使银行监管机构纳入集团，扩大其职责，对整个金融业。其他短期目标包括：建立一个小组来制定规则，为购屋贷款业。很多人指责是不负责任的贷款人的信用风险的历史，为当前的次级抵押贷款危机。

中间目标包括结合或关闭一些金融监管机构从事类似的工作。这个建议将关闭办公室，勤俭建国的监督，而监督的非银行储蓄机构。它还将结合起来，商品期货交易委员会和证券交易委员会的文件。该c.f.t.c.目前监管市场金融合约称为期货，而秒规范证券市场发展。

另一个目的，是将率先采取步骤，对联邦政府监督保险业的发展。这个行业一直在监督主要由国家约一百三十五年。

从长远来看，该计划要求，为加强中央银行，以防止所有威胁到整个金融体系。不过，这项建议也将创造新的机构。它呼吁建立一个审慎的金融监管机构，将结合所有联邦银行监管机构合并为单一机构。此外，进行商业活动的监管机构将负责对投资者的保障。这个机构将履行许多职责，目前正在做的，由证券和交易委员会的文件。

小银行和一些州政府官员极力反对这一计划。小银行看到计划，并以此方式让大金融公司更具有竞争力。其他团体有计划提出批评，因为它没有提供帮助，为当前的按揭贷款的危机。

这也是该美国之音特别英语经济学报告，写马里奥里特尔。誊本和档案都是在voaspecialenglish.com 。我史蒂夫Ember公司。