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2021-11-09
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Whether centrist or progressive, the Fed's new regulatory chief has long to-do list<blockquote>无论是中间派还是进步派，美联储新任监管机构负责人都有很长的待办事项清单</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":844648376,"tweetId":"844648376","gmtCreate":1636425079915,"gmtModify":1636425080081,"author":{"id":3581589039331867,"idStr":"3581589039331867","authorId":3581589039331867,"authorIdStr":"3581589039331867","name":"jjt87","avatar":"https://static.tigerbbs.com/42cf95c9822b5198293ea31c46dfbe92","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":7,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body><p>Ok</p></body></html>","htmlText":"<html><head></head><body><p>Ok</p></body></html>","text":"Ok","highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/844648376","repostId":1132849710,"repostType":4,"repost":{"id":"1132849710","kind":"news","pubTimestamp":1636424720,"share":"https://www.laohunote.com/m/news/1132849710?lang=zh_CN&edition=full","pubTime":"2021-11-09 10:25","market":"us","language":"en","title":"Whether centrist or progressive, the Fed's new regulatory chief has long to-do list<blockquote>无论是中间派还是进步派，美联储新任监管机构负责人都有很长的待办事项清单</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132849710","media":"Reuters","summary":"While the U.S. Federal Reserve's next top regulatory official is still in the balance, one thing is ","content":"<p>While the U.S. Federal Reserve's next top regulatory official is still in the balance, one thing is certain: whoever gets the job will have a jam-packed agenda tackling the gamut, from capital rules and fair lending to digital assets and climate change.</p><p><blockquote>虽然美联储下一任最高监管官员仍在平衡之中，但有一点是肯定的：无论谁得到这份工作，都将有一个拥挤的议程来处理从资本规则和公平贷款到数字资产和气候变化的方方面面。</blockquote></p><p> Appointed the Fed's supervision chief by former Republican President Donald Trump, Randal Quarles will leave the central bank at the end of the year. President Joe Biden has yet to say who he will nominate to take on the powerful role overseeing Wall Street's biggest lenders.</p><p><blockquote>被前共和党总统唐纳德·特朗普任命为美联储监管主管的兰德尔·夸尔斯将于今年年底离开美联储。乔·拜登总统尚未透露他将提名谁来担任监管华尔街最大贷款机构的强大角色。</blockquote></p><p> Analysts and Washington insiders say the top contender for the role is Lael Brainard, a Fed governor who was a senior Treasury official under former President Barack Obama. Other names floated include: Sarah Bloom Raskin, a former Fed governor; Atlanta Fed President Raphael Bostic; acting Comptroller of the Currency Michael Hsu; and U.S. Treasury under-secretary Nellie Liang.</p><p><blockquote>分析师和华盛顿内部人士表示，该职位的最大竞争者是美联储理事莱尔·布雷纳德（Lael Brainard），他曾在前总统巴拉克·奥巴马（Barack Obama）手下担任高级财政部官员。其他浮出水面的名字包括：前美联储理事莎拉·布鲁姆·拉斯金；亚特兰大联储主席拉斐尔·博斯蒂克；署理货币监理专员许迈克尔；和美国财政部副部长梁内莉。</blockquote></p><p> Each would have their own take on the role and, in turn, would have to win the backing of the Fed chair and board, both of which are also in the balance, to push through major changes.</p><p><blockquote>每个人都有自己的角色，反过来，都必须赢得美联储主席和董事会的支持，这两个机构也处于平衡状态，才能推动重大变革。</blockquote></p><p> But any Democratic pick for the supervision post, whether centrist or progressive, will be expected to chart a new course and tackle a number of looming and in some cases thorny issues, say analysts. These include:</p><p><blockquote>但分析人士表示，任何民主党选择的监督职位，无论是中间派还是进步派，都将制定新的路线，并解决一些迫在眉睫的、在某些情况下棘手的问题。其中包括：</blockquote></p><p> CLIMATE CHANGE RISKS</p><p><blockquote>气候变化风险</blockquote></p><p> Climate change, a top policy priority for Democrats, is expected to rapidly rise on the Fed agenda under new leadership.</p><p><blockquote>气候变化是民主党的首要政策优先事项，预计在新领导层的领导下，美联储议程将迅速上升。</blockquote></p><p> So far, the Fed has asked lenders to explain how they are mitigating climate change-related risks to their balance sheets, and Powell has said he is open to some form of climate-focused stress tests.</p><p><blockquote>到目前为止，美联储已要求贷款机构解释他们如何减轻资产负债表上与气候变化相关的风险，鲍威尔表示，他对某种形式的以气候为重点的压力测试持开放态度。</blockquote></p><p> Those projects are expected to accelerate. The big question will be whether Quarles' successor pushes for restrictions or stiffer capital requirements on banks with significant exposures to polluting industries or other climate-specific risks.</p><p><blockquote>这些项目预计将加速推进。最大的问题将是夸尔斯的继任者是否会推动对面临严重污染行业或其他气候特定风险的银行实施限制或更严格的资本要求。</blockquote></p><p> The Fed may also sign off on climate risk lending guidance for big lenders which Acting Comptroller Hsu said in September banking regulators are working on.</p><p><blockquote>美联储还可能签署针对大型贷款机构的气候风险贷款指南，代理审计长许在 9 月份表示，银行监管机构正在制定该指南。</blockquote></p><p> FINTECH FRAMEWORK</p><p><blockquote>金融科技框架</blockquote></p><p> Quarles' successor will also have to tackle a regulatory blueprint for \"fintech\" companies that are quickly chipping away at the traditional financial sector.</p><p><blockquote>夸尔斯的继任者还必须解决“金融科技”公司的监管蓝图，这些公司正在迅速蚕食传统金融领域。</blockquote></p><p> The Fed is exploring how banks intersect with fintechs, particularly with smaller lenders that may outsource more services and infrastructure. Fintechs are also lobbying the Fed for access to its payments system.</p><p><blockquote>美联储正在探索银行如何与金融科技公司交叉，特别是与可能外包更多服务和基础设施的小型贷款机构。金融科技公司也在游说美联储访问其支付系统。</blockquote></p><p> While other banking regulators have worked for years to bring fintechs under their regulatory umbrella, the Fed has resisted, fearing doing so could create systemic risks. But as the sector continues to balloon, the Fed is expected to act.</p><p><blockquote>尽管其他银行监管机构多年来一直致力于将金融科技公司纳入其监管范围，但美联储一直抵制，担心这样做可能会造成系统性风险。但随着该行业继续膨胀，预计美联储将采取行动。</blockquote></p><p> “You hear a lot about the promise of fintech, but they should also be looking very closely at the risks,\" said Tim Clark, a former Fed official who now works with the advocacy group Better Markets.</p><p><blockquote>“前美联储官员蒂姆-克拉克（Tim Clark）现在在倡导组织 Better Markets 工作，他说：”你经常听到金融科技的前景，但他们也应该密切关注风险。</blockquote></p><p> On a related front, the Fed is currently studying the implications of a central bank digital currency. With studies from the Fed Board and Federal Reserve Bank of Boston expected soon, the central bank is trying to weigh the risks and advantages of such a product, which could expand its reach and help speed money transfers.</p><p><blockquote>在相关方面，美联储目前正在研究央行数字货币的影响。随着美联储理事会和波士顿联邦储备银行的研究预计很快就会出台，美联储正试图权衡此类产品的风险和优势，这可能会扩大其覆盖范围并帮助加快资金转移速度。</blockquote></p><p> STRESS TESTS</p><p><blockquote>压力测试</blockquote></p><p> Democrats criticized Quarles for revising rules introduced following the 2007-2009 financial crisis, and his successor is also expected to review his work. Banks' annual \"stress test\" health checks are likely to be top of the list.</p><p><blockquote>民主党人批评夸尔斯修改了2007-2009年金融危机后出台的规则，预计他的继任者也将审查他的工作。银行年度“压力测试”健康检查可能位居榜首。</blockquote></p><p> Quarles tried to make the tests more transparent and predictable for banks, including scrapping a \"qualitative\" objection that allowed the Fed to flunk lenders on subjective grounds. Democrats say under Quarles the tests became too easy.</p><p><blockquote>夸尔斯试图让银行的测试更加透明和可预测，包括取消允许美联储以主观理由拒绝贷款人的“定性”异议。民主党人说，在夸尔斯的领导下，测试变得太容易了。</blockquote></p><p> Jaret Seiberg, an analyst with Cowen Washington Research Group, wrote in September that stress test changes would likely come in 2023, and could include directing banks to reserve eight quarters of expected dividends, instead of the current four, and potentially reviving the qualitative objection.</p><p><blockquote>考恩·华盛顿研究集团 (Cowen Washington Research Group) 分析师贾雷特·塞伯格 (Jaret Seiberg) 在 9 月份写道，压力测试可能会发生变化，可能包括指示银行预留八个季度的预期股息，而不是目前的四个季度，并可能重新提出定性反对意见。</blockquote></p><p> SUPPLEMENTARY LEVERAGE RATIO</p><p><blockquote>补充杠杆率</blockquote></p><p> Another issue on the table is the supplementary leverage ratio, a rule created after the decade-ago crisis requiring banks to hold capital against assets regardless of their risk.</p><p><blockquote>另一个摆在桌面上的问题是补充杠杆率，这是十年前危机后制定的一项规则，要求银行无论风险如何都持有资产资本。</blockquote></p><p> The Fed had to temporarily ease that rule in the midst of the pandemic as a glut of bank deposits and Treasury bonds drove up capital requirements on what are viewed as safe assets.</p><p><blockquote>由于银行存款和国债过剩推高了被视为安全资产的资本要求，美联储不得不在疫情期间暂时放宽这一规定。</blockquote></p><p> Despite intense bank lobbying, the Fed let that relief expire in March but promised to review the overall rule. The Fed has yet to publish a proposal, leaving the job up to Quarles' successor.</p><p><blockquote>尽管银行进行了激烈的游说，美联储还是让救济措施在三月份到期，但承诺审查总体规则。美联储尚未公布提案，将这项工作留给夸尔斯的继任者。</blockquote></p><p> COMMUNITY REINVESTMENT ACT</p><p><blockquote>社区再投资法</blockquote></p><p></p><p> The central bank will also play a key role in a long-awaited overhaul of the Community Reinvestment Act rules which promote lending in lower-income communities. The Fed, which shares responsibility for writing the rules with other bank regulators, hopes the rules can be updated to reflect the growth in online banking, while still ensuring lenders make meaningful contributions to the poorer areas they serve.</p><p><blockquote>央行还将在期待已久的《社区再投资法》规则改革中发挥关键作用，该法案旨在促进低收入社区的贷款。美联储与其他银行监管机构共同负责制定这些规则，希望这些规则能够更新，以反映网上银行的增长，同时仍然确保贷款机构为其服务的贫困地区做出有意义的贡献。</blockquote></p><p> Efforts to update the rules under the Trump administration faltered after regulators could not agree on a path forward.</p><p><blockquote>在监管机构无法就前进道路达成一致后，特朗普执政更新规则的努力陷入停滞。</blockquote></p><p> BASEL III</p><p><blockquote>巴塞尔协议三</blockquote></p><p> Lastly, the Fed still has to finalize capital rules dictated by the international Basel III accord. Many bank executives expect the new board to address that swiftly. While the Fed under Quarles has said the main goal is to keep overall capital requirements flat, a Democratic replacement may try to ratchet up capital cushions.</p><p><blockquote>最后，美联储仍需敲定国际巴塞尔协议III规定的资本规则。许多银行高管希望新董事会能够迅速解决这个问题。尽管夸尔斯领导下的美联储表示主要目标是保持总体资本要求持平，但民主党的替代者可能会试图提高资本缓冲。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Whether centrist or progressive, the Fed's new regulatory chief has long to-do list<blockquote>无论是中间派还是进步派，美联储新任监管机构负责人都有很长的待办事项清单</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhether centrist or progressive, the Fed's new regulatory chief has long to-do list<blockquote>无论是中间派还是进步派，美联储新任监管机构负责人都有很长的待办事项清单</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-11-09 10:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>While the U.S. Federal Reserve's next top regulatory official is still in the balance, one thing is certain: whoever gets the job will have a jam-packed agenda tackling the gamut, from capital rules and fair lending to digital assets and climate change.</p><p><blockquote>虽然美联储下一任最高监管官员仍在平衡之中，但有一点是肯定的：无论谁得到这份工作，都将有一个拥挤的议程来处理从资本规则和公平贷款到数字资产和气候变化的方方面面。</blockquote></p><p> Appointed the Fed's supervision chief by former Republican President Donald Trump, Randal Quarles will leave the central bank at the end of the year. President Joe Biden has yet to say who he will nominate to take on the powerful role overseeing Wall Street's biggest lenders.</p><p><blockquote>被前共和党总统唐纳德·特朗普任命为美联储监管主管的兰德尔·夸尔斯将于今年年底离开美联储。乔·拜登总统尚未透露他将提名谁来担任监管华尔街最大贷款机构的强大角色。</blockquote></p><p> Analysts and Washington insiders say the top contender for the role is Lael Brainard, a Fed governor who was a senior Treasury official under former President Barack Obama. Other names floated include: Sarah Bloom Raskin, a former Fed governor; Atlanta Fed President Raphael Bostic; acting Comptroller of the Currency Michael Hsu; and U.S. Treasury under-secretary Nellie Liang.</p><p><blockquote>分析师和华盛顿内部人士表示，该职位的最大竞争者是美联储理事莱尔·布雷纳德（Lael Brainard），他曾在前总统巴拉克·奥巴马（Barack Obama）手下担任高级财政部官员。其他浮出水面的名字包括：前美联储理事莎拉·布鲁姆·拉斯金；亚特兰大联储主席拉斐尔·博斯蒂克；署理货币监理专员许迈克尔；和美国财政部副部长梁内莉。</blockquote></p><p> Each would have their own take on the role and, in turn, would have to win the backing of the Fed chair and board, both of which are also in the balance, to push through major changes.</p><p><blockquote>每个人都有自己的角色，反过来，都必须赢得美联储主席和董事会的支持，这两个机构也处于平衡状态，才能推动重大变革。</blockquote></p><p> But any Democratic pick for the supervision post, whether centrist or progressive, will be expected to chart a new course and tackle a number of looming and in some cases thorny issues, say analysts. These include:</p><p><blockquote>但分析人士表示，任何民主党选择的监督职位，无论是中间派还是进步派，都将制定新的路线，并解决一些迫在眉睫的、在某些情况下棘手的问题。其中包括：</blockquote></p><p> CLIMATE CHANGE RISKS</p><p><blockquote>气候变化风险</blockquote></p><p> Climate change, a top policy priority for Democrats, is expected to rapidly rise on the Fed agenda under new leadership.</p><p><blockquote>气候变化是民主党的首要政策优先事项，预计在新领导层的领导下，美联储议程将迅速上升。</blockquote></p><p> So far, the Fed has asked lenders to explain how they are mitigating climate change-related risks to their balance sheets, and Powell has said he is open to some form of climate-focused stress tests.</p><p><blockquote>到目前为止，美联储已要求贷款机构解释他们如何减轻资产负债表上与气候变化相关的风险，鲍威尔表示，他对某种形式的以气候为重点的压力测试持开放态度。</blockquote></p><p> Those projects are expected to accelerate. The big question will be whether Quarles' successor pushes for restrictions or stiffer capital requirements on banks with significant exposures to polluting industries or other climate-specific risks.</p><p><blockquote>这些项目预计将加速推进。最大的问题将是夸尔斯的继任者是否会推动对面临严重污染行业或其他气候特定风险的银行实施限制或更严格的资本要求。</blockquote></p><p> The Fed may also sign off on climate risk lending guidance for big lenders which Acting Comptroller Hsu said in September banking regulators are working on.</p><p><blockquote>美联储还可能签署针对大型贷款机构的气候风险贷款指南，代理审计长许在 9 月份表示，银行监管机构正在制定该指南。</blockquote></p><p> FINTECH FRAMEWORK</p><p><blockquote>金融科技框架</blockquote></p><p> Quarles' successor will also have to tackle a regulatory blueprint for \"fintech\" companies that are quickly chipping away at the traditional financial sector.</p><p><blockquote>夸尔斯的继任者还必须解决“金融科技”公司的监管蓝图，这些公司正在迅速蚕食传统金融领域。</blockquote></p><p> The Fed is exploring how banks intersect with fintechs, particularly with smaller lenders that may outsource more services and infrastructure. Fintechs are also lobbying the Fed for access to its payments system.</p><p><blockquote>美联储正在探索银行如何与金融科技公司交叉，特别是与可能外包更多服务和基础设施的小型贷款机构。金融科技公司也在游说美联储访问其支付系统。</blockquote></p><p> While other banking regulators have worked for years to bring fintechs under their regulatory umbrella, the Fed has resisted, fearing doing so could create systemic risks. But as the sector continues to balloon, the Fed is expected to act.</p><p><blockquote>尽管其他银行监管机构多年来一直致力于将金融科技公司纳入其监管范围，但美联储一直抵制，担心这样做可能会造成系统性风险。但随着该行业继续膨胀，预计美联储将采取行动。</blockquote></p><p> “You hear a lot about the promise of fintech, but they should also be looking very closely at the risks,\" said Tim Clark, a former Fed official who now works with the advocacy group Better Markets.</p><p><blockquote>“前美联储官员蒂姆-克拉克（Tim Clark）现在在倡导组织 Better Markets 工作，他说：”你经常听到金融科技的前景，但他们也应该密切关注风险。</blockquote></p><p> On a related front, the Fed is currently studying the implications of a central bank digital currency. With studies from the Fed Board and Federal Reserve Bank of Boston expected soon, the central bank is trying to weigh the risks and advantages of such a product, which could expand its reach and help speed money transfers.</p><p><blockquote>在相关方面，美联储目前正在研究央行数字货币的影响。随着美联储理事会和波士顿联邦储备银行的研究预计很快就会出台，美联储正试图权衡此类产品的风险和优势，这可能会扩大其覆盖范围并帮助加快资金转移速度。</blockquote></p><p> STRESS TESTS</p><p><blockquote>压力测试</blockquote></p><p> Democrats criticized Quarles for revising rules introduced following the 2007-2009 financial crisis, and his successor is also expected to review his work. Banks' annual \"stress test\" health checks are likely to be top of the list.</p><p><blockquote>民主党人批评夸尔斯修改了2007-2009年金融危机后出台的规则，预计他的继任者也将审查他的工作。银行年度“压力测试”健康检查可能位居榜首。</blockquote></p><p> Quarles tried to make the tests more transparent and predictable for banks, including scrapping a \"qualitative\" objection that allowed the Fed to flunk lenders on subjective grounds. Democrats say under Quarles the tests became too easy.</p><p><blockquote>夸尔斯试图让银行的测试更加透明和可预测，包括取消允许美联储以主观理由拒绝贷款人的“定性”异议。民主党人说，在夸尔斯的领导下，测试变得太容易了。</blockquote></p><p> Jaret Seiberg, an analyst with Cowen Washington Research Group, wrote in September that stress test changes would likely come in 2023, and could include directing banks to reserve eight quarters of expected dividends, instead of the current four, and potentially reviving the qualitative objection.</p><p><blockquote>考恩·华盛顿研究集团 (Cowen Washington Research Group) 分析师贾雷特·塞伯格 (Jaret Seiberg) 在 9 月份写道，压力测试可能会发生变化，可能包括指示银行预留八个季度的预期股息，而不是目前的四个季度，并可能重新提出定性反对意见。</blockquote></p><p> SUPPLEMENTARY LEVERAGE RATIO</p><p><blockquote>补充杠杆率</blockquote></p><p> Another issue on the table is the supplementary leverage ratio, a rule created after the decade-ago crisis requiring banks to hold capital against assets regardless of their risk.</p><p><blockquote>另一个摆在桌面上的问题是补充杠杆率，这是十年前危机后制定的一项规则，要求银行无论风险如何都持有资产资本。</blockquote></p><p> The Fed had to temporarily ease that rule in the midst of the pandemic as a glut of bank deposits and Treasury bonds drove up capital requirements on what are viewed as safe assets.</p><p><blockquote>由于银行存款和国债过剩推高了被视为安全资产的资本要求，美联储不得不在疫情期间暂时放宽这一规定。</blockquote></p><p> Despite intense bank lobbying, the Fed let that relief expire in March but promised to review the overall rule. The Fed has yet to publish a proposal, leaving the job up to Quarles' successor.</p><p><blockquote>尽管银行进行了激烈的游说，美联储还是让救济措施在三月份到期，但承诺审查总体规则。美联储尚未公布提案，将这项工作留给夸尔斯的继任者。</blockquote></p><p> COMMUNITY REINVESTMENT ACT</p><p><blockquote>社区再投资法</blockquote></p><p></p><p> The central bank will also play a key role in a long-awaited overhaul of the Community Reinvestment Act rules which promote lending in lower-income communities. The Fed, which shares responsibility for writing the rules with other bank regulators, hopes the rules can be updated to reflect the growth in online banking, while still ensuring lenders make meaningful contributions to the poorer areas they serve.</p><p><blockquote>央行还将在期待已久的《社区再投资法》规则改革中发挥关键作用，该法案旨在促进低收入社区的贷款。美联储与其他银行监管机构共同负责制定这些规则，希望这些规则能够更新，以反映网上银行的增长，同时仍然确保贷款机构为其服务的贫困地区做出有意义的贡献。</blockquote></p><p> Efforts to update the rules under the Trump administration faltered after regulators could not agree on a path forward.</p><p><blockquote>在监管机构无法就前进道路达成一致后，特朗普执政更新规则的努力陷入停滞。</blockquote></p><p> BASEL III</p><p><blockquote>巴塞尔协议三</blockquote></p><p> Lastly, the Fed still has to finalize capital rules dictated by the international Basel III accord. Many bank executives expect the new board to address that swiftly. While the Fed under Quarles has said the main goal is to keep overall capital requirements flat, a Democratic replacement may try to ratchet up capital cushions.</p><p><blockquote>最后，美联储仍需敲定国际巴塞尔协议III规定的资本规则。许多银行高管希望新董事会能够迅速解决这个问题。尽管夸尔斯领导下的美联储表示主要目标是保持总体资本要求持平，但民主党的替代者可能会试图提高资本缓冲。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/explainer-whether-centrist-progressive-feds-183228664.html\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/explainer-whether-centrist-progressive-feds-183228664.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132849710","content_text":"While the U.S. Federal Reserve's next top regulatory official is still in the balance, one thing is certain: whoever gets the job will have a jam-packed agenda tackling the gamut, from capital rules and fair lending to digital assets and climate change.\nAppointed the Fed's supervision chief by former Republican President Donald Trump, Randal Quarles will leave the central bank at the end of the year. President Joe Biden has yet to say who he will nominate to take on the powerful role overseeing Wall Street's biggest lenders.\nAnalysts and Washington insiders say the top contender for the role is Lael Brainard, a Fed governor who was a senior Treasury official under former President Barack Obama. Other names floated include: Sarah Bloom Raskin, a former Fed governor; Atlanta Fed President Raphael Bostic; acting Comptroller of the Currency Michael Hsu; and U.S. Treasury under-secretary Nellie Liang.\nEach would have their own take on the role and, in turn, would have to win the backing of the Fed chair and board, both of which are also in the balance, to push through major changes.\nBut any Democratic pick for the supervision post, whether centrist or progressive, will be expected to chart a new course and tackle a number of looming and in some cases thorny issues, say analysts. These include:\nCLIMATE CHANGE RISKS\nClimate change, a top policy priority for Democrats, is expected to rapidly rise on the Fed agenda under new leadership.\nSo far, the Fed has asked lenders to explain how they are mitigating climate change-related risks to their balance sheets, and Powell has said he is open to some form of climate-focused stress tests.\nThose projects are expected to accelerate. The big question will be whether Quarles' successor pushes for restrictions or stiffer capital requirements on banks with significant exposures to polluting industries or other climate-specific risks.\nThe Fed may also sign off on climate risk lending guidance for big lenders which Acting Comptroller Hsu said in September banking regulators are working on.\nFINTECH FRAMEWORK\nQuarles' successor will also have to tackle a regulatory blueprint for \"fintech\" companies that are quickly chipping away at the traditional financial sector.\nThe Fed is exploring how banks intersect with fintechs, particularly with smaller lenders that may outsource more services and infrastructure. Fintechs are also lobbying the Fed for access to its payments system.\nWhile other banking regulators have worked for years to bring fintechs under their regulatory umbrella, the Fed has resisted, fearing doing so could create systemic risks. But as the sector continues to balloon, the Fed is expected to act.\n“You hear a lot about the promise of fintech, but they should also be looking very closely at the risks,\" said Tim Clark, a former Fed official who now works with the advocacy group Better Markets.\nOn a related front, the Fed is currently studying the implications of a central bank digital currency. With studies from the Fed Board and Federal Reserve Bank of Boston expected soon, the central bank is trying to weigh the risks and advantages of such a product, which could expand its reach and help speed money transfers.\nSTRESS TESTS\nDemocrats criticized Quarles for revising rules introduced following the 2007-2009 financial crisis, and his successor is also expected to review his work. Banks' annual \"stress test\" health checks are likely to be top of the list.\nQuarles tried to make the tests more transparent and predictable for banks, including scrapping a \"qualitative\" objection that allowed the Fed to flunk lenders on subjective grounds. Democrats say under Quarles the tests became too easy.\nJaret Seiberg, an analyst with Cowen Washington Research Group, wrote in September that stress test changes would likely come in 2023, and could include directing banks to reserve eight quarters of expected dividends, instead of the current four, and potentially reviving the qualitative objection.\nSUPPLEMENTARY LEVERAGE RATIO\nAnother issue on the table is the supplementary leverage ratio, a rule created after the decade-ago crisis requiring banks to hold capital against assets regardless of their risk.\nThe Fed had to temporarily ease that rule in the midst of the pandemic as a glut of bank deposits and Treasury bonds drove up capital requirements on what are viewed as safe assets.\nDespite intense bank lobbying, the Fed let that relief expire in March but promised to review the overall rule. The Fed has yet to publish a proposal, leaving the job up to Quarles' successor.\nCOMMUNITY REINVESTMENT ACT\nThe central bank will also play a key role in a long-awaited overhaul of the Community Reinvestment Act rules which promote lending in lower-income communities. The Fed, which shares responsibility for writing the rules with other bank regulators, hopes the rules can be updated to reflect the growth in online banking, while still ensuring lenders make meaningful contributions to the poorer areas they serve.\nEfforts to update the rules under the Trump administration faltered after regulators could not agree on a path forward.\nBASEL III\nLastly, the Fed still has to finalize capital rules dictated by the international Basel III accord. Many bank executives expect the new board to address that swiftly. While the Fed under Quarles has said the main goal is to keep overall capital requirements flat, a Democratic replacement may try to ratchet up capital cushions.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":769,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/844648376"}
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