The United States Financial Regulatory Reform Trend In The Post-crisis Era And The Enlightenment To China

The finance is the core of modern economy, and the whole financial industry also plays a vital role in economic development. However, finance, while promoting economic development, also brought a variety of financial risks. Therefore, how to establish an effective financial regulatory system and effectively guard against financial risks has become a common issue all over the world. After2007financial crisis, called the subprime mortgage crisis, the mainstream view shows the U.S. authorities, having a free market economy bias, lack of financial supervision on complex derivatives, financial innovation, and defects on the regulation system is the main reason for the financial crisis. Strengthening financial regulation to address the financial crisis has become a global consensus.Throughout the history of the world’s financial development, not only a crisis history, but also a financial regulatory changing history. In the United States, the National Bank Act of1864was born during the wave of bank bankruptcy,what’s more,after the1929crisis, the1933Banking Law "Glass-Steagall Act become a benchmark to strengthen the U.S. separated supervision,and in July2010, Wall Street Reform and Consumer Protection Act no doubt will become another milestone in the financial regulatory reform processing in the United States and around the world. The trueth is, the former U.S. financial regulatory reformation have played an valuable role on the world economy and financial system innovation, and there are some scholars call the U.S. financial regulatory reform a great model to the world’s financial regulatory system.As the birthplace of the subprime mortgage crisis, the United States financial regulatory system exists some drawback such as the lack of unified supervision, hardly handle the systemic risk, regulatory overlaping, regulatory inefficiency and so on. So how to make the U.S. financial regulatory system to adapt itself to the condition of the new environment, how to improve the existing financial regulatory system, became the primary task of new regulatory reform of the United States. The main task of the new regulatory structural reform is mainly reflected in the following five aspects:First, establish a systemic risk regulatory authorities, Second, is to reduce the risk of moral hazard, third, adjust the regulatory power structure, four is to set a more strict trading rules, five, is to improve investor protection system, seven, is to strengthen senior government’s participating in financial supervision. The trend of the new financial reform has great value for China, such as:strengthen macro-prudential supervision, strengthen financial consumer protection and, promote goal-oriented regulation.Under the environment of the global financial crisis and the international background, the "domino" effect can not have an exception, China will surely faces enormous difficulties and challenges. Particularly, China has not a mature financial system and the financial regulatory system is lagging behind construction. China must learn from the experiences and lessons of the U.S. financial regulation, sum up the trend of the reform of the financial regulatory system, detect the direction of the financial regulatory system reform, combine with the actual situation, improve China’s financial regulatory system purposely:Emphasis on Prudential Supervision,;gradually change financial regulatory philosophy; change the existing separate supervision mode; protect small investors’ interests; improve cooperation of international financial regulation. Only if China grasp the development trend,China’s financial regulators can escape from the "natural thinking", and successfully build a financial regulatory system suitable for China.