오바마 정부의 금융규제개혁의 성과와 한계: 닷-프랭크법(Dodd-Frank Act) 검토를 중심으로
The Accomplishments and Limitations of the Financial Regulatory Reform by the Obama’s Government: focusing on the Dodd-Frank Act
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초록
본 연구는 미국의 2007~2008 금융위기 이후 금융규제개혁의 일환으로 성립한 금융규제개혁법(닷-프랭크 월스트릿개혁 및 소비자보호법)의 주요 내용 및 그 성과와 한계를 살펴볼 것이다. 닷-프랭크법은 16장(Title) 1601조(Section)로 구성된 실로 방대한 내용이지만 그중에서도 시스템리스크(systemic risk)에 대한 대처방안, 볼커 룰(Volcker Rule)의 처리, 헷지펀드에 대한 규제감독 강화, 장외파생금융상품에 대한 투명성 강화, 기업 지배구조 개혁 등 실로 포괄적이고 다양한 내용을 담고 있다. 그럼에도 불구하고 본 법은 2007~2008년 금융위기에 큰 영향을 미쳤던 그림자금융(shadow banking)시스템 문제에 대해서는 거의 별다른 개혁방안을 제시하지 못하고 있다.
Abstract
The main object of this research is to explore the accomplishments and limitations of the Dodd-Frank Act(Dodd-Frank Wall Street Reform and Consumer Protection Act). The Dodd-Frank Act is enormously extensive and comprehensive,consisting of 16 chapters and 1601 sections. It covers not only the issue of how to curb the systemic risk, and the application and implementation of the Volcker’s rule but also the strengthening of the regulation of the hedge fund and over-the-counter derivatives. Furthermore, it contains the reform of the American corporate governance. However, it has a couple of critical flaws and limitations. First, it has many loopholes and reservations. Secondly, it does not suggest any meaningful reforms concerning the shadow banking system which was a crucial factor causing the financial crisis in the US. In short, it totally leaves the shadow banking system out of consideration.
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