The United States Fianancial Regulatory System Reform In The Post-crisis Era And Its Enlightenmnet To China

The U.S.financial crisis during 2007 and 2008 triggered by the subprime mortgage problem was a result of regulatory failure.The abuse of fianacial innovation vehicles and derivative tools by financial institutions to demutualized and securitized the illicit subprime mortgage loan assets and conducted large-scale speculative actions to circumvent financial supervision in markets,caused a serious bubble in the financial market and collapsed,eventually leading to financial crisis.After the crisis broke out,financial liberalization was in full swing.The world's major economies have initiated financial regulatory system reforms and strengthened supervision of financial markets.After the crisis subsided,the U.S.government and Congress launched a comprehensive reform in the U.S.financial regulatory system.The reform program centered on the Dodd-Frank Act strengthened the systemic risk prevention and financial derivatives of the U.S.financial system.In terms of financial service supervision,control of commercial bank risks,solving financial institutions' "Too Big to Fail" problem,consumer financial protection issues,etc.,detailed regulatory measures have been formulated,setting a benchmark for financial regulation reforms around the world's financial system.This dissertation systematically reviews the historical evolution and the deficiencies of the U.S.financial regulatory system before the crisis.It thoroughly studies the progress of the U.S.financial system regulatory reform process afterthe crisis,in particular,comprehensively introduces the legislation process of the Dod-Frank Reform Act.The core highlights of the regulatory reforms seek to provide useful lessons for China's current efforts to prevent and resolve systemic financial risks and reform the financial supervision system.