Gestern hat das US-Repräsentantenhaus den Grundstein für die möglicherweise umfassendste Finanzmarktreform gelegt. Nach dreitägiger Debatte stimmte das Haus mit 223 zu 202 Stimmen für das umfangreiche Werk (siehe unten). Ob diese Reform so Gesetz wird, ist freilich noch offen, denn der Senat arbeitet an einer eigenen Vorlage und wird darüber erst im nächsten Jahr abstimmen. Die Unterschiede sollen umfangreich sein, so dass die neue Finanzordnung zwar viel Papier produziert, jedoch noch immer keine Ergebnisse zeigt.
Was geplant ist, fasst das Handelsblatt in zwei Absätzen zusammen:
Mit dem Gesetz sollen Lücken zur Regulierung des Geldmarktes geschlossen werden. Es sieht dafür die Einrichtung neuer Kontrollorgane vor. Außerdem soll US-Notenbank mehr Aufsichtskompetenz bekommen, um Bedrohungen des Finanzsystems rechtzeitig zu erkennen. Dort, wo sich ein Fehlverhalten einer einflussreichen Bank abzeichnet, soll die Regierung eingreifen können. Geldinstitute sollen außerdem künftig nur dann mit riskanten Papieren handeln dürfen, wenn sie genug Rücklagen haben.
Die Reform sieht auch eine neue Behörde zum Schutz von Finanzkunden vor. Sie soll darüber wachen, dass beispielsweise Hypothekenbanken und Kreditkartenfirmen keine illegalen oder irreführenden Geschäfte mit ihren Kunden machen.
Eine weitere Zusammenfassung gibt es in der NYT:
The bill’s principal provisions establish a process for dismantling large, failing financial institutions; set up a council to identify and regulate firms that are so big, interconnected or risky that they need heightened supervision to keep them from bringing down the whole financial system; create a new consumer financial-protection agency to squelch unfair and abusive practices; and for the first time, regulate over-the-counter derivatives markets. The bill also contains provisions on executive pay, investor protection, credit ratings, hedge funds and insurance.
Juristen und Bankpraktiker haben leider nicht so einfach. Sie haben tagelangen Lesestoff , um die 1.279 Seiten zu studieren und zu verstehen. Wer den Blick riskieren will: H.R. 4173, Wall Street Reform and Consumer Protection Act of 2009
Hier die Presseerklärung des Repräsentantenhauses und unten weitere Dokumente:
Press Release For Immediate Release: December 11, 2009
House Approves Historic New Rules to Govern America’s Financial System
Washington, DC – Today, the House of Representatives approved sweeping new legislation to modernize America’s financial rules in response to the worst economic crisis since the Great Depression. The Wall Street Reform and Consumer Protection Act (H.R. 4173), which passed by a vote of 223-202, includes a comprehensive set of reforms that will address the myriad causes – from predatory lending to unregulated derivatives – that led to last year’s meltdown. Once signed into law, these tough new regulations will hold Wall Street accountable, end taxpayer-funded bailouts, and protect Americans from unscrupulous big banks and credit card companies.
The Wall Street Reform and Consumer Protection Act will:
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Increase Consumer Protections: Creates the Consumer Financial Protection Agency (CFPA), a new, independent federal agency solely devoted to protecting Americans from unfair and abusive financial products and services.
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Create a Financial Stability Council: Creates a council of regulators that will identify financial firms that are so large, interconnected, or risky that their collapse would put the entire financial system at risk. These systemically risky firms will be subject to increased oversight, standards, and regulation.
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End Taxpayer Bailouts and “Too Big to Fail”: Establishes an orderly process for shutting down large, failing financial institutions like AIG or Lehman Brothers in a way that ends bailouts, protects taxpayers, and prevents contagion to the rest of the financial system.
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Rein in Executive Compensation: Gives shareholders a “say on pay” – an advisory vote on pay practices including executive compensation and golden parachutes. It also enables regulators to ban inappropriate or imprudently risky compensation practices, and it requires financial firms to disclose incentive-based compensation structures.
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Safeguard Investors: Strengthens the SEC’s powers so that it can better protect investors and regulate the nation’s securities markets. It responds to the failures to detect the Madoff and Stanford Financial frauds by ordering a study of the entire securities industry that will identify needed reforms and force the SEC and other entities to further improve investor protection.
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Regulate Derivatives: Regulates, for the first time ever, the opaque $600 trillion over-the-counter (OTC) derivatives marketplace. Under the bill, all standardized swap transactions between dealers and “major swap participants” would have to be cleared and traded on an exchange or electronic platform. The bill defines a major swap participant as anyone that maintains a substantial net position in swaps, exclusive of hedging for commercial risk, or whose positions create such significant exposure to others that it requires monitoring.
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Outlaw Predatory Mortgage Lending Practices: Would incorporate the tough mortgage reform and anti-predatory lending bill the House passed earlier this year. The legislation outlaws many of the egregious industry practices that marked the subprime lending boom, and it would ensure that mortgage lenders make loans that benefit the consumer. It would establish a simple standard for all home loans: institutions must ensure that borrowers can repay the loans they are sold.
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Require the Registration of Hedge Funds: Closes a regulatory hole that allows hedge funds and their advisors to escape any and all regulation. This bill requires almost all advisers to private pools of capital to register with the SEC, and they will be subject to systemic risk regulation by the Financial Stability regulator.
Und hier weitere Dokumente:
TITLE I—Financial Stability Improvement Act, Summary
TITLE II—Corporate and Financial Institution Compensation Fairness Act, Summary
TITLE III—Over-the-Counter Derivatives Markets Act, Summary
TITLE IV—Consumer Financial Protection Agency Act, Summary
TITLE V—Capital Markets, Summary
TITLE VI—Federal Insurance Office, Summary
Related Doccuments:
- H.R. 1728, Mortgage Reform and Anti-Predatory Lending Act, Summary (Note: This bill will be made part of H.R. 4173 by the Committee On Rules)
- H.R. 3269, Corporate and Financial Institution Compensation Fairness Act of 2009, Summary (Note: This bill will be made part of H.R. 4173 by the Committee On Rules)
Besten Dank für die Dokumentation. Die wird allerdings wohl kaum jemand wirklich durcharbeiten. Einzig die Rechtsvertreter der Finanzhäuser werder sich intensiv damit befassen und in den nächsten Monaten für die Aufweichung sorgen.
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