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2021-09-10

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Lehman-era regulator says Jerome Powell forgot a key lesson of 2008<blockquote>雷曼时代监管机构称杰罗姆·鲍威尔忘记了2008年的一个重要教训</blockquote>

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Now, a lifelong Republican is joining that critique.<blockquote>纽约（CNN商业）——美联储主席杰罗姆·鲍威尔因对大银行手软以及在应对气候危机方面做得不够而受到进步人士的批评。现在，一位终身共和党人也加入了这一批评。</blockquote> Sheila Bair, one of the few American regulators who&nbsp;sounded the alarm&nbsp;prior to the&nbsp;subprime mortgage meltdown, told CNN that Powell has presided over a troubling rollback of the rules installed to prevent a repeat of the 2008 financial crisis.<blockquote>希拉·贝尔(Sheila Bair)是少数在次贷危机前敲响警钟的美国监管机构之一，她告诉CNN，鲍威尔主持了一次令人不安的倒退，取消了为防止2008年金融危机重演而制定的规则。</blockquote> \"His real weakness is on financial regulation,\" said Bair, who led the Federal Deposit Insurance Corporation from 2006 to 2011. \"Oversight is weaker since Janet Yellen left. That's an easy one.\"<blockquote>“他真正的弱点是金融监管，”2006年至2011年领导联邦存款保险公司的贝尔说。“自从珍妮特·耶伦离开以来，监管变得更加薄弱。这很容易。”</blockquote> Bair, an appointee of President George W. Bush, also said that the Powell-led Fed hasn't done enough to address climate change. She called for a more structured consideration of climate risk in bank supervising and stress testing.<blockquote>小布什总统任命的贝尔也表示，鲍威尔领导的美联储在应对气候变化方面做得不够。她呼吁在银行监管和压力测试中对气候风险进行更结构化的考虑。</blockquote> \"There are very real financial risks the banking system is exposed to because of climate,\" Bair said.<blockquote>贝尔表示：“由于气候原因，银行体系面临着非常现实的金融风险。”</blockquote> Biden's big decision<blockquote>拜登的重大决定</blockquote> The comments come as&nbsp;President Joe Biden weighs reappointing Powell&nbsp;to another four-year term leading the world's most powerful central bank. Progressives, led by New York Rep. Alexandria Ocasio-Cortez, have&nbsp;called on Biden to replace Powellas chairman when&nbsp;his term expires in February.<blockquote>此番言论发表之际，美国总统乔·拜登正在考虑重新任命鲍威尔连任四年，领导世界上最强大的央行。由纽约众议员亚历山大·奥卡西奥-科尔特斯领导的进步人士呼吁拜登在鲍威尔主席任期于2月份届满时更换他。</blockquote> A White House official previously told CNN that Biden will appoint candidates to the Fed who he thinks \"will be the most effective in implementing monetary policy.\"<blockquote>一名白宫官员此前告诉CNN，拜登将任命他认为“在执行货币政策方面最有效”的美联储候选人。</blockquote> Powell has been praised by some economists for his response to the biggest test of his tenure: the global pandemic.<blockquote>鲍威尔因应对其任期内最大的考验：全球疫情而受到一些经济学家的赞扬。</blockquote> In March 2020, the Fed moved swiftly to slash interest rates to zero and announced unprecedented programs aimed at unfreezing credit markets. Some economists argue those emergency actions prevented the Covid recession from morphing into a full-blown depression.<blockquote>2020年3月，美联储迅速将利率削减至零，并宣布了旨在解冻信贷市场的前所未有的计划。一些经济学家认为，这些紧急行动阻止了新冠疫情衰退演变成全面萧条。</blockquote> Bair said Powell deserves \"high marks for acting quickly and decisively\" to the pandemic that erupted in March 2020 and for publicly communicating the Fed's mission.<blockquote>贝尔表示，鲍威尔对2020年3月爆发的疫情采取了“迅速而果断的行动”，并公开传达了美联储的使命，值得获得高分。</blockquote> 'It's all weakening'<blockquote>“一切都在减弱”</blockquote> However, the former FDIC chief argues the Fed and other agencies should have been tightening financial regulations prior to the arrival of Covid to snuff out asset bubbles and force banks to build capital buffers ahead of a potential storm.<blockquote>然而，这位前FDIC负责人认为，美联储和其他机构应该在新冠疫情到来之前收紧金融监管，以消除资产泡沫，并迫使银行在潜在风暴到来之前建立资本缓冲。</blockquote> \"They did the opposite. They kept loosening and loosening, even as the economy was growing well under Trump,\" said Bair, who has long been an outspoken proponent of tougher regulation. \"It definitely disregards a key lesson of the financial crisis.\"<blockquote>“他们反其道而行之。他们不断放松，即使在特朗普治下经济增长良好的情况下，”拜尔说，他长期以来一直直言不讳地支持更严格的监管。“它绝对忽视了金融危机的一个重要教训。”</blockquote> The Financial Crisis Inquiry Commission, which spent more than a year examining the causes of the financial crisis, found that regulatory lapses contributed to the 2008 meltdown.<blockquote>金融危机调查委员会花了一年多的时间研究金融危机的原因，发现监管失误导致了2008年的金融危机。</blockquote> \"Widespread failures in financial regulation and supervision proved devastating to the stability of the nation's financial markets,\"the commission concluded.<blockquote>该委员会总结道：“事实证明，金融监管和监督的普遍失败对国家金融市场的稳定具有毁灭性。”</blockquote> Today, Bair serves on various boards, including at&nbsp;Fannie Mae where she's the chair. Bair is also reviving her career as a children's book author by launching a series of books titled Money Tales, that will focus on financial education.<blockquote>如今，贝尔在多个董事会任职，包括她担任主席的房利美。贝尔还推出了一系列名为《金钱故事》的书籍，重振了她作为儿童图书作者的职业生涯，这些书籍将专注于金融教育。</blockquote> The vast majority of the 2010 financial reform law known as Dodd-Frank is still in effect today. Yet Bair worries about a steady chipping away of those safeguards. She pointed to a slew of changes made during the Powell era, including altering bank stress test assumptions, reforming the controversial Volcker Rule and&nbsp;eliminating a margin requirement&nbsp;on&nbsp;derivatives transactions.<blockquote>2010年金融改革法《多德弗兰克法案》的绝大部分至今仍然有效。然而，贝尔担心这些保障措施会稳步削弱。她指出了鲍威尔时代做出的一系列改变，包括改变银行压力测试假设、改革有争议的沃尔克规则以及取消衍生品交易的保证金要求。</blockquote> During each of those regulatory tweaks, proponents have cited a desire to \"modernize\" the rules of the road. Bair rejects that sentiment.<blockquote>在每一次监管调整中，支持者都提到了道路规则“现代化”的愿望。贝尔拒绝了这种观点。</blockquote> \"I don't know how that's modernization. Directionally, it's all weakening,\" she said. \"If they want to modernize, it would be nice to see them kick into gear on cryptocurrency. That's been a very slow train.\"<blockquote>“我不知道这是什么现代化。从方向上来说，一切都在减弱，”她说。“如果他们想实现现代化，很高兴看到他们开始使用加密货币。这是一列非常缓慢的火车。”</blockquote> (Bair sits on the board of&nbsp;Paxos, a fintech company backed by PayPal that describes itself as the first regulated blockchain infrastructure platform.)<blockquote>（Bair是Paxos的董事会成员，这是一家由PayPal支持的金融科技公司，自称是第一个受监管的区块链基础设施平台。）</blockquote> Powell defends regulatory record<blockquote>鲍威尔为监管记录辩护</blockquote> Anthony Scaramucci, founder and managing partner of investment firm SkyBridge Capital, defended Powell's tenure running the Fed and questioned who would be a better candidate.<blockquote>投资公司SkyBridge Capital创始人兼管理合伙人安东尼·斯卡拉穆奇为鲍威尔执掌美联储的任期进行了辩护，并质疑谁会是更好的候选人。</blockquote> \"Jerome Powell has by and large done a very good job,\" Scaramucci told CNN. \"If you want to replace him for optics purposes, go ahead. But I think it would be a mistake.\"<blockquote>斯卡拉穆奇告诉美国有线电视新闻网：“杰罗姆·鲍威尔总体上做得非常好。”“如果你想为了光学目的而更换他，那就去吧。但我认为这将是一个错误。”</blockquote> The Federal Reserve declined to comment in response to Bair's criticism.<blockquote>针对拜尔的批评，美联储拒绝置评。</blockquote> Despite Bair's comments, the Powell-led Fed has taken steps to address the climate crisis.<blockquote>尽管拜尔发表了上述言论，但鲍威尔领导的美联储已经采取措施应对气候危机。</blockquote> Late last year, the central bank&nbsp;joined an international network&nbsp;of global financial regulators focused on climate change. In June,Powell said the climate crisis&nbsp;poses \"profound challenges for the global economy and certainly the financial system.\"<blockquote>去年年底，央行加入了专注于气候变化的全球金融监管机构国际网络。六月，鲍威尔表示，气候危机“给全球经济，当然也给金融体系带来了深刻的挑战”。</blockquote> During a July Senate hearing, Powell defended his regulatory track record. He argued the severity of stress tests has \"very much been maintained\" and effectively raised capital requirements for the biggest banks. Powell also pointed to how last year the Fed&nbsp;suspended share buybacks&nbsp;for banks and capped dividends, steps that drove their capital levels even higher.<blockquote>在7月份的参议院听证会上，鲍威尔为自己的监管记录进行了辩护。他认为，压力测试的严重性“在很大程度上得到了维持”，并有效地提高了最大银行的资本要求。鲍威尔还指出，去年美联储暂停了银行股票回购并限制了股息，这些举措进一步推高了银行的资本水平。</blockquote> \"By and large, our financial institutions are well capitalized,\" Powell said. \"They did manage to get through the recent pandemic and the acute phase of it and the recovery and did their jobs during it.\"<blockquote>“总的来说，我们的金融机构资本充足，”鲍威尔说。“他们确实设法度过了最近的大流行及其急性阶段和恢复，并在此期间做好了自己的工作。”</blockquote> Banks survived this time<blockquote>这次银行幸免于难</blockquote> The Fed announced last month that big banks will be&nbsp;required to hold approximately $1 trillion&nbsp;in high-quality capital — \"enough to survive a severe recession and still be able to lend to households and businesses.\"<blockquote>美联储上月宣布，大银行将被要求持有约1万亿美元的优质资本——“足以度过严重衰退，仍能向家庭和企业放贷”。</blockquote> Bair agrees that banks are certainly better capitalized than during the last crisis, when the implosion of Lehman Brothers threatened to tank the entire financial system.<blockquote>贝尔同意，银行的资本肯定比上次危机期间更好，当时雷曼兄弟的内爆威胁到整个金融体系的崩溃。</blockquote> However, Bair pointed out that big banks benefited massively from the Fed's unprecedented intervention in March 2020, including its promise to buy junk bonds and other corporate debt.<blockquote>然而，Bair指出，大银行从美联储2020年3月史无前例的干预中受益匪浅，包括承诺购买垃圾债券和其他公司债务。</blockquote> \"I don't think they have a lot to brag about,\" Bair said of the major banks. \"I'm glad they didn't fail. But I think a lot of them would have if the Fed hadn't stepped in big time to rescue the whole economy.\"<blockquote>“我认为他们没有太多值得吹嘘的地方，”贝尔在谈到主要银行时说道。“我很高兴他们没有失败。但我认为，如果美联储没有及时介入拯救整个经济，他们中的很多人都会失败。”</blockquote>","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>Lehman-era regulator says Jerome Powell forgot a key lesson of 2008<blockquote>雷曼时代监管机构称杰罗姆·鲍威尔忘记了2008年的一个重要教训</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\">\nLehman-era regulator says Jerome Powell forgot a key lesson of 2008<blockquote>雷曼时代监管机构称杰罗姆·鲍威尔忘记了2008年的一个重要教训</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nCNN Business2021-09-10 13:27\n\n</h4>\n</header>\n<article>\nNew York (CNN Business)&nbsp;-&nbsp;Federal Reserve Chairman Jerome Powell has been&nbsp;criticized by progressives&nbsp;for going soft on big banks and not doing enough to address the climate crisis. Now, a lifelong Republican is joining that critique.<blockquote>纽约（CNN商业）——美联储主席杰罗姆·鲍威尔因对大银行手软以及在应对气候危机方面做得不够而受到进步人士的批评。现在，一位终身共和党人也加入了这一批评。</blockquote> Sheila Bair, one of the few American regulators who&nbsp;sounded the alarm&nbsp;prior to the&nbsp;subprime mortgage meltdown, told CNN that Powell has presided over a troubling rollback of the rules installed to prevent a repeat of the 2008 financial crisis.<blockquote>希拉·贝尔(Sheila Bair)是少数在次贷危机前敲响警钟的美国监管机构之一，她告诉CNN，鲍威尔主持了一次令人不安的倒退，取消了为防止2008年金融危机重演而制定的规则。</blockquote> \"His real weakness is on financial regulation,\" said Bair, who led the Federal Deposit Insurance Corporation from 2006 to 2011. \"Oversight is weaker since Janet Yellen left. That's an easy one.\"<blockquote>“他真正的弱点是金融监管，”2006年至2011年领导联邦存款保险公司的贝尔说。“自从珍妮特·耶伦离开以来，监管变得更加薄弱。这很容易。”</blockquote> Bair, an appointee of President George W. Bush, also said that the Powell-led Fed hasn't done enough to address climate change. She called for a more structured consideration of climate risk in bank supervising and stress testing.<blockquote>小布什总统任命的贝尔也表示，鲍威尔领导的美联储在应对气候变化方面做得不够。她呼吁在银行监管和压力测试中对气候风险进行更结构化的考虑。</blockquote> \"There are very real financial risks the banking system is exposed to because of climate,\" Bair said.<blockquote>贝尔表示：“由于气候原因，银行体系面临着非常现实的金融风险。”</blockquote> Biden's big decision<blockquote>拜登的重大决定</blockquote> The comments come as&nbsp;President Joe Biden weighs reappointing Powell&nbsp;to another four-year term leading the world's most powerful central bank. Progressives, led by New York Rep. Alexandria Ocasio-Cortez, have&nbsp;called on Biden to replace Powellas chairman when&nbsp;his term expires in February.<blockquote>此番言论发表之际，美国总统乔·拜登正在考虑重新任命鲍威尔连任四年，领导世界上最强大的央行。由纽约众议员亚历山大·奥卡西奥-科尔特斯领导的进步人士呼吁拜登在鲍威尔主席任期于2月份届满时更换他。</blockquote> A White House official previously told CNN that Biden will appoint candidates to the Fed who he thinks \"will be the most effective in implementing monetary policy.\"<blockquote>一名白宫官员此前告诉CNN，拜登将任命他认为“在执行货币政策方面最有效”的美联储候选人。</blockquote> Powell has been praised by some economists for his response to the biggest test of his tenure: the global pandemic.<blockquote>鲍威尔因应对其任期内最大的考验：全球疫情而受到一些经济学家的赞扬。</blockquote> In March 2020, the Fed moved swiftly to slash interest rates to zero and announced unprecedented programs aimed at unfreezing credit markets. Some economists argue those emergency actions prevented the Covid recession from morphing into a full-blown depression.<blockquote>2020年3月，美联储迅速将利率削减至零，并宣布了旨在解冻信贷市场的前所未有的计划。一些经济学家认为，这些紧急行动阻止了新冠疫情衰退演变成全面萧条。</blockquote> Bair said Powell deserves \"high marks for acting quickly and decisively\" to the pandemic that erupted in March 2020 and for publicly communicating the Fed's mission.<blockquote>贝尔表示，鲍威尔对2020年3月爆发的疫情采取了“迅速而果断的行动”，并公开传达了美联储的使命，值得获得高分。</blockquote> 'It's all weakening'<blockquote>“一切都在减弱”</blockquote> However, the former FDIC chief argues the Fed and other agencies should have been tightening financial regulations prior to the arrival of Covid to snuff out asset bubbles and force banks to build capital buffers ahead of a potential storm.<blockquote>然而，这位前FDIC负责人认为，美联储和其他机构应该在新冠疫情到来之前收紧金融监管，以消除资产泡沫，并迫使银行在潜在风暴到来之前建立资本缓冲。</blockquote> \"They did the opposite. They kept loosening and loosening, even as the economy was growing well under Trump,\" said Bair, who has long been an outspoken proponent of tougher regulation. \"It definitely disregards a key lesson of the financial crisis.\"<blockquote>“他们反其道而行之。他们不断放松，即使在特朗普治下经济增长良好的情况下，”拜尔说，他长期以来一直直言不讳地支持更严格的监管。“它绝对忽视了金融危机的一个重要教训。”</blockquote> The Financial Crisis Inquiry Commission, which spent more than a year examining the causes of the financial crisis, found that regulatory lapses contributed to the 2008 meltdown.<blockquote>金融危机调查委员会花了一年多的时间研究金融危机的原因，发现监管失误导致了2008年的金融危机。</blockquote> \"Widespread failures in financial regulation and supervision proved devastating to the stability of the nation's financial markets,\"the commission concluded.<blockquote>该委员会总结道：“事实证明，金融监管和监督的普遍失败对国家金融市场的稳定具有毁灭性。”</blockquote> Today, Bair serves on various boards, including at&nbsp;Fannie Mae where she's the chair. Bair is also reviving her career as a children's book author by launching a series of books titled Money Tales, that will focus on financial education.<blockquote>如今，贝尔在多个董事会任职，包括她担任主席的房利美。贝尔还推出了一系列名为《金钱故事》的书籍，重振了她作为儿童图书作者的职业生涯，这些书籍将专注于金融教育。</blockquote> The vast majority of the 2010 financial reform law known as Dodd-Frank is still in effect today. Yet Bair worries about a steady chipping away of those safeguards. She pointed to a slew of changes made during the Powell era, including altering bank stress test assumptions, reforming the controversial Volcker Rule and&nbsp;eliminating a margin requirement&nbsp;on&nbsp;derivatives transactions.<blockquote>2010年金融改革法《多德弗兰克法案》的绝大部分至今仍然有效。然而，贝尔担心这些保障措施会稳步削弱。她指出了鲍威尔时代做出的一系列改变，包括改变银行压力测试假设、改革有争议的沃尔克规则以及取消衍生品交易的保证金要求。</blockquote> During each of those regulatory tweaks, proponents have cited a desire to \"modernize\" the rules of the road. Bair rejects that sentiment.<blockquote>在每一次监管调整中，支持者都提到了道路规则“现代化”的愿望。贝尔拒绝了这种观点。</blockquote> \"I don't know how that's modernization. Directionally, it's all weakening,\" she said. \"If they want to modernize, it would be nice to see them kick into gear on cryptocurrency. That's been a very slow train.\"<blockquote>“我不知道这是什么现代化。从方向上来说，一切都在减弱，”她说。“如果他们想实现现代化，很高兴看到他们开始使用加密货币。这是一列非常缓慢的火车。”</blockquote> (Bair sits on the board of&nbsp;Paxos, a fintech company backed by PayPal that describes itself as the first regulated blockchain infrastructure platform.)<blockquote>（Bair是Paxos的董事会成员，这是一家由PayPal支持的金融科技公司，自称是第一个受监管的区块链基础设施平台。）</blockquote> Powell defends regulatory record<blockquote>鲍威尔为监管记录辩护</blockquote> Anthony Scaramucci, founder and managing partner of investment firm SkyBridge Capital, defended Powell's tenure running the Fed and questioned who would be a better candidate.<blockquote>投资公司SkyBridge Capital创始人兼管理合伙人安东尼·斯卡拉穆奇为鲍威尔执掌美联储的任期进行了辩护，并质疑谁会是更好的候选人。</blockquote> \"Jerome Powell has by and large done a very good job,\" Scaramucci told CNN. \"If you want to replace him for optics purposes, go ahead. But I think it would be a mistake.\"<blockquote>斯卡拉穆奇告诉美国有线电视新闻网：“杰罗姆·鲍威尔总体上做得非常好。”“如果你想为了光学目的而更换他，那就去吧。但我认为这将是一个错误。”</blockquote> The Federal Reserve declined to comment in response to Bair's criticism.<blockquote>针对拜尔的批评，美联储拒绝置评。</blockquote> Despite Bair's comments, the Powell-led Fed has taken steps to address the climate crisis.<blockquote>尽管拜尔发表了上述言论，但鲍威尔领导的美联储已经采取措施应对气候危机。</blockquote> Late last year, the central bank&nbsp;joined an international network&nbsp;of global financial regulators focused on climate change. In June,Powell said the climate crisis&nbsp;poses \"profound challenges for the global economy and certainly the financial system.\"<blockquote>去年年底，央行加入了专注于气候变化的全球金融监管机构国际网络。六月，鲍威尔表示，气候危机“给全球经济，当然也给金融体系带来了深刻的挑战”。</blockquote> During a July Senate hearing, Powell defended his regulatory track record. He argued the severity of stress tests has \"very much been maintained\" and effectively raised capital requirements for the biggest banks. Powell also pointed to how last year the Fed&nbsp;suspended share buybacks&nbsp;for banks and capped dividends, steps that drove their capital levels even higher.<blockquote>在7月份的参议院听证会上，鲍威尔为自己的监管记录进行了辩护。他认为，压力测试的严重性“在很大程度上得到了维持”，并有效地提高了最大银行的资本要求。鲍威尔还指出，去年美联储暂停了银行股票回购并限制了股息，这些举措进一步推高了银行的资本水平。</blockquote> \"By and large, our financial institutions are well capitalized,\" Powell said. \"They did manage to get through the recent pandemic and the acute phase of it and the recovery and did their jobs during it.\"<blockquote>“总的来说，我们的金融机构资本充足，”鲍威尔说。“他们确实设法度过了最近的大流行及其急性阶段和恢复，并在此期间做好了自己的工作。”</blockquote> Banks survived this time<blockquote>这次银行幸免于难</blockquote> The Fed announced last month that big banks will be&nbsp;required to hold approximately $1 trillion&nbsp;in high-quality capital — \"enough to survive a severe recession and still be able to lend to households and businesses.\"<blockquote>美联储上月宣布，大银行将被要求持有约1万亿美元的优质资本——“足以度过严重衰退，仍能向家庭和企业放贷”。</blockquote> Bair agrees that banks are certainly better capitalized than during the last crisis, when the implosion of Lehman Brothers threatened to tank the entire financial system.<blockquote>贝尔同意，银行的资本肯定比上次危机期间更好，当时雷曼兄弟的内爆威胁到整个金融体系的崩溃。</blockquote> However, Bair pointed out that big banks benefited massively from the Fed's unprecedented intervention in March 2020, including its promise to buy junk bonds and other corporate debt.<blockquote>然而，Bair指出，大银行从美联储2020年3月史无前例的干预中受益匪浅，包括承诺购买垃圾债券和其他公司债务。</blockquote> \"I don't think they have a lot to brag about,\" Bair said of the major banks. \"I'm glad they didn't fail. But I think a lot of them would have if the Fed hadn't stepped in big time to rescue the whole economy.\"<blockquote>“我认为他们没有太多值得吹嘘的地方，”贝尔在谈到主要银行时说道。“我很高兴他们没有失败。但我认为，如果美联储没有及时介入拯救整个经济，他们中的很多人都会失败。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://edition.cnn.com/2021/09/09/business/fed-powell-sheila-bair/index.html\">CNN Business</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://edition.cnn.com/2021/09/09/business/fed-powell-sheila-bair/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174037142","content_text":"New York (CNN Business) - Federal Reserve Chairman Jerome Powell has been criticized by progressives for going soft on big banks and not doing enough to address the climate crisis. Now, a lifelong Republican is joining that critique.\nSheila Bair, one of the few American regulators who sounded the alarm prior to the subprime mortgage meltdown, told CNN that Powell has presided over a troubling rollback of the rules installed to prevent a repeat of the 2008 financial crisis.\n\"His real weakness is on financial regulation,\" said Bair, who led the Federal Deposit Insurance Corporation from 2006 to 2011. \"Oversight is weaker since Janet Yellen left. That's an easy one.\"\nBair, an appointee of President George W. Bush, also said that the Powell-led Fed hasn't done enough to address climate change. She called for a more structured consideration of climate risk in bank supervising and stress testing.\n\"There are very real financial risks the banking system is exposed to because of climate,\" Bair said.\nBiden's big decision\nThe comments come as President Joe Biden weighs reappointing Powell to another four-year term leading the world's most powerful central bank. Progressives, led by New York Rep. Alexandria Ocasio-Cortez, have called on Biden to replace Powellas chairman when his term expires in February.\nA White House official previously told CNN that Biden will appoint candidates to the Fed who he thinks \"will be the most effective in implementing monetary policy.\"\nPowell has been praised by some economists for his response to the biggest test of his tenure: the global pandemic.\nIn March 2020, the Fed moved swiftly to slash interest rates to zero and announced unprecedented programs aimed at unfreezing credit markets. Some economists argue those emergency actions prevented the Covid recession from morphing into a full-blown depression.\nBair said Powell deserves \"high marks for acting quickly and decisively\" to the pandemic that erupted in March 2020 and for publicly communicating the Fed's mission.\n'It's all weakening'\nHowever, the former FDIC chief argues the Fed and other agencies should have been tightening financial regulations prior to the arrival of Covid to snuff out asset bubbles and force banks to build capital buffers ahead of a potential storm.\n\"They did the opposite. They kept loosening and loosening, even as the economy was growing well under Trump,\" said Bair, who has long been an outspoken proponent of tougher regulation. \"It definitely disregards a key lesson of the financial crisis.\"\nThe Financial Crisis Inquiry Commission, which spent more than a year examining the causes of the financial crisis, found that regulatory lapses contributed to the 2008 meltdown.\n\"Widespread failures in financial regulation and supervision proved devastating to the stability of the nation's financial markets,\"the commission concluded.\nToday, Bair serves on various boards, including at Fannie Mae where she's the chair. Bair is also reviving her career as a children's book author by launching a series of books titled Money Tales, that will focus on financial education.\nThe vast majority of the 2010 financial reform law known as Dodd-Frank is still in effect today. Yet Bair worries about a steady chipping away of those safeguards. She pointed to a slew of changes made during the Powell era, including altering bank stress test assumptions, reforming the controversial Volcker Rule and eliminating a margin requirement on derivatives transactions.\nDuring each of those regulatory tweaks, proponents have cited a desire to \"modernize\" the rules of the road. Bair rejects that sentiment.\n\"I don't know how that's modernization. Directionally, it's all weakening,\" she said. \"If they want to modernize, it would be nice to see them kick into gear on cryptocurrency. That's been a very slow train.\"\n(Bair sits on the board of Paxos, a fintech company backed by PayPal that describes itself as the first regulated blockchain infrastructure platform.)\nPowell defends regulatory record\nAnthony Scaramucci, founder and managing partner of investment firm SkyBridge Capital, defended Powell's tenure running the Fed and questioned who would be a better candidate.\n\"Jerome Powell has by and large done a very good job,\" Scaramucci told CNN. \"If you want to replace him for optics purposes, go ahead. But I think it would be a mistake.\"\nThe Federal Reserve declined to comment in response to Bair's criticism.\nDespite Bair's comments, the Powell-led Fed has taken steps to address the climate crisis.\nLate last year, the central bank joined an international network of global financial regulators focused on climate change. In June,Powell said the climate crisis poses \"profound challenges for the global economy and certainly the financial system.\"\nDuring a July Senate hearing, Powell defended his regulatory track record. He argued the severity of stress tests has \"very much been maintained\" and effectively raised capital requirements for the biggest banks. Powell also pointed to how last year the Fed suspended share buybacks for banks and capped dividends, steps that drove their capital levels even higher.\n\"By and large, our financial institutions are well capitalized,\" Powell said. \"They did manage to get through the recent pandemic and the acute phase of it and the recovery and did their jobs during it.\"\nBanks survived this time\nThe Fed announced last month that big banks will be required to hold approximately $1 trillion in high-quality capital — \"enough to survive a severe recession and still be able to lend to households and businesses.\"\nBair agrees that banks are certainly better capitalized than during the last crisis, when the implosion of Lehman Brothers threatened to tank the entire financial system.\nHowever, Bair pointed out that big banks benefited massively from the Fed's unprecedented intervention in March 2020, including its promise to buy junk bonds and other corporate debt.\n\"I don't think they have a lot to brag about,\" Bair said of the major banks. \"I'm glad they didn't fail. But I think a lot of them would have if the Fed hadn't stepped in big time to rescue the whole economy.\"","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":415,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/883539766"}