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银行倒闭促使美联储审视银行法规(下)
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旧金山联邦储备银行负责监管硅谷银行，各种意识形态流派的专家都在质疑，为什么这家银行日益增长的风险没有得到遏制。
双语精读
The Federal Reserve Bank of San Francisco was in charge of overseeing Silicon Valley Bank, and experts across the ideological spectrum are questioning why growing risks at the bank were not halted.
旧金山联邦储备银行负责监管硅谷银行，各种意识形态流派的专家都在质疑，为什么这家银行日益增长的风险没有得到遏制。
The firm grew rapidly and took on a large number of depositors from one vulnerable industry: technology.
硅谷银行发展迅速，从易遭受风险的单一行业 -- 科技行业 -- 吸收了大量储户。
A large share of the bank's deposits were uninsured, making customers more likely to run for the exit in a moment of trouble, and the bank had not taken care to protect itself against the financial risks posed by rising interest rates.
该银行有很大一部分存款没有保险，这使得客户更有可能在遇到麻烦的时候争相取出存款，而且该银行没有注意保护自己免受利率上升带来的金融风险的影响。
Worsening the optics of the situation, Greg Becker, the chief executive of Silicon Valley Bank, was until Friday on the board of directors at the Federal Reserve Bank of San Francisco. The Fed has said reserve bank directors are not involved in matters related to banking supervision.
让整个情况在公众眼中变得更糟的是，硅谷银行首席执行官格雷格·贝克尔直到周五还在旧金山联邦储备银行的董事会任职。美联储已经表示过，储备银行董事不参与和银行监督相关的事务。
Questions about bank oversight ultimately come back to roost at the Fed's board in Washington -- which, since the 2008 crisis, has played a heavier role in guiding how banks are overseen day to day.
有关银行监管的问题最终回到华盛顿的美联储委员会 -- 自2008年危机以来，该委员会在指导银行日常监管方面发挥了更为重要的作用。
The board has indicated that it will take the concerns seriously, putting its new vice chair of supervision, Michael Barr, in charge of the inquiry into what happened at Silicon Valley Bank, the Fed announced this week.
美联储本周宣布，委员会已表示将严肃对待这些担忧，并任命新任监督副主席迈克尔·巴尔负责调查硅谷银行事件。
"The events surrounding Silicon Valley Bank demand a thorough, transparent and swift review by the Federal Reserve," Jerome H. Powell, the Fed chair, said in a statement.
"围绕硅谷银行发生的事件需要美联储进行彻底、透明和迅速的审查。"美联储主席杰罗姆·H. 鲍威尔在一份声明中表示。
It is unclear how much any one of the 2018 rollbacks would have mattered in the case of Silicon Valley Bank.
目前尚不清楚，2018年对监管恢复宽松的措施对硅谷银行的影响有多大。
Under the original postcrisis rules, the bank, which had less than $250 billion in assets, most likely would have faced a full Fed stress test earlier, probably by this year. But the rules for stress tests are complex enough that even that is difficult to pinpoint with certainty.
根据最初的后危机法规，这家资产不到2500亿美元的银行很可能会在更早的时候面临美联储的全面压力测试，可能是在今年之前。但压力测试的规则非常复杂，即使是这一点也很难确定。
"Nobody can say that without the 2018 rollbacks none of this would have happened," Ms. Judge said. But "those rules suggested that banks in this size range did not pose a threat to financial stability."
"没有人可以说，如果没有2018年恢复宽松，这一切就都不会发生。"贾奇说。但"这些规定表明，这种规模的银行不会对金融稳定构成威胁"。
But the government's dramatic response to Silicon Valley Bank's collapse, which included saving uninsured depositors and rolling out a Fed rescue program, underlined that even the 16th-largest bank in the country could require major public action.
然而政府对硅谷银行倒闭的剧烈反应，包括援救没有保险的储户和推出美联储救援计划，突显出即使是美国第16大的银行也可能需要重大公共行动。
Given that, the Fed will be paying renewed attention to how those banks are treated when it comes to both capital (their financial cushion against losses) and liquidity (their ability to quickly convert assets into cash to pay back depositors).
有鉴于此，美联储将重新关注在资本(应对亏损的财务缓冲)和流动性(迅速将资产转换为现金以偿还储户的能力)方面如何处理这些银行。
There could be a push, for instance, to lower the threshold at which the more onerous regulations begin to apply. As a result of the 2018 law, some of the stricter rules now kick in when banks have $250 billion in assets.
例如，可能会推动降低更繁琐的法规的适用门槛。由于2018年的法律，现在一些更严格的规定只在银行拥有2500亿美元资产的情况下才开始生效。
词汇预习
financial [高考]
美[faɪˈnænʃl] | 英[faɪˈnænʃl]
adj. 金融的；财政的；[非正式]有钱的
response [高考]
美[rɪˈspɑːns] | 英[rɪˈspɒns]
n. 反应；回答；响应；答复
threat [高考]
美[θret] | 英[θret]
n. 威胁；恐吓；凶兆
executive [高考]
美[ɪɡˈzekjətɪv] | 英[ɪɡˈzekjətɪv]
adj. 行政的；决策的；经营的；[计算机]执行指令 n. 行政主管；行政部门；决策者
surrounding [高考]
美[səˈraʊndɪŋ] | 英[səˈraʊndɪŋ]
adj. 周围的 n. 环境；周围的事物
saving [高考]
美[ˈseɪvɪŋ] | 英[ˈseɪvɪŋ]
n. 节约； 挽救 prep. 除 ... 之外 conj. 除了； 除去
dramatic [高考]
美[drəˈmætɪk] | 英[drəˈmætɪk]
adj. 戏剧性的；引人注目的；给人深刻印象的；激动人心的
collapse [高考]
美[kəˈlæps] | 英[kəˈlæps]
v. （使）倒塌；（使）崩溃；（使）瓦解；折叠 n. 倒塌；崩溃；暴跌
unclear [高考]
美[ˌʌnˈklɪr] | 英[ˌʌnˈklɪə(r)]
adj. 不清楚的；含混的
supervision [高考]
美[ˌsjupɚˈvɪʒən] | 英[ˌsju:pə'vɪʒn]
n. 监督；管理
certainty [高考]
美[ˈsɜːrtnti] | 英[ˈsɜːtnti]
n. 确定；确实的事情
vulnerable [高考]
美[ˈvʌlnərəbl] | 英[ˈvʌlnərəbl]
adj. 易受伤害的；有弱点的；脆弱的
ultimately [高考]
美[ˈʌltɪmətli] | 英[ˈʌltɪmətli]
adv. 最后；最终
stability [高考]
美[stəˈbɪləti] | 英[stəˈbɪləti]
n. 稳定性；居于修道院
convert [高考]
美[kənˈvɜːrt , ˈkɑːnvɜːrt] | 英[kənˈvɜːt , ˈkɒnvɜːt]
v. (使)转变；使…改变信仰；转化；兑换；换算 n. 皈依者；改变信仰的人
demand [高考]
美[dɪˈmænd] | 英[dɪˈmɑːnd]
n. 要求；需求 v. 要求；查问；需要
range [高考]
美[reɪndʒ] | 英[reɪndʒ]
n.范围; 射程; 类别; （山脉，房屋等的）排列 vi.搜索; 变化; 延伸; 漫游 vt.排列; （按一定位置或顺序）排序; 把…分类; 徘徊 adj.牧场的，放牧区的
charge [高考]
美[tʃɑːrdʒ] | 英[tʃɑːdʒ]
n. 责任；电荷；指控；费用；照顾；主管 vi. 要价；充电；向前冲，冲锋；记在账上 vt. 控诉；赊账；给…充电；委以重任；归罪于；装填（炸药等） 【名】（Charge）（英）查奇
complex [高考]
美[kəmˈpleks , ˈkɑːmpleks] | 英[ˈkɒmpleks]
adj. 复杂的；合成的；复合的 n. 综合体；复合体；[医]综合症状；[心]情结
reserve [高考]
美[rɪˈzɜːrv] | 英[rɪˈzɜːv]
vt. 保留；预订；延期 n. 候补；预备品；贮存 n. 含蓄；克制
Ms. [高考]
美[mɪz] | 英[mɪz]
n. 女士，小姐
cash [高考]
美[kæʃ] | 英[kæʃ]
n. 现金 vt. 付现款；兑现 adj. 现金的
exit [高考]
美[ˈeksɪt] | 英[ˈeksɪt]
n. 出口；退场 v. 离去；退出
chief [高考]
美[tʃiːf] | 英[tʃiːf]
adj. 主要的；首要的 n. 首领
transparent [高考]
美[trænsˈpærənt] | 英[trænsˈpærənt]
adj. 透明的；明显的；清晰的
thorough [高考]
美[ˈθɜːroʊ] | 英[ˈθʌrə]
adj. 彻底的；完全的；详尽的；细致深入的
swift [高考]
美[swɪft] | 英[swɪft]
adj. 快的；迅速的；[美，非正式]机灵的，聪明的 n. 雨燕；线轴 adv. [文] （在组合形式以外为诗歌或文学用于）迅速 【名】（Swift）斯威夫特（人名）
vice [高考]
美[vaɪs] | 英[vaɪs]
n. 缺点，恶习；堕落，邪恶；罪行；老虎钳 v. 握住；钳紧 adj. 副的；代替的，代理的 prep.代替
cushion [高考]
美[ˈkʊʃn] | 英[ˈkʊʃn]
n. 垫子；橡皮软垫；缓冲 vt. 加垫褥；放在垫子上；保护；减缓；为 ... 装垫子
related to [高考]
美 | 英
与 ... 相关
in charge [高考]
美[ɪn tʃɑːrdʒ] | 英[ɪn tʃɑːdʒ]
adj. 负责；主管
in charge of [高考]
美[ɪn tʃɑːrdʒ əv] | 英[ɪn tʃɑːdʒ ɒv]
负责； 主管
run for [高考]
美[rʌn fɔːr] | 英[rʌn fɔː]
v.竞选，赶快去请
lower [高考]
美[ˈloʊər] | 英[ˈləʊə(r)]
adj. 低的；下级的；下层的 v. 降低；减弱；跌落
pose [高考]
美[poʊz] | 英[pəʊz]
v. 摆姿势；把...摆正位置；造成；提出；假装 n. 姿态；姿势；装腔作势
would [高考]
美[wʊd , wəd] | 英[wʊd , wəd]
aux. 将；可能；大概；总会；愿意；will的过去式
inquiry [四级]
美[ɪnˈkwaɪəri] | 英[ɪnˈkwaɪəri]
n. 调查；询问；打听；查问
spectrum [四级]
美[ˈspektrəm] | 英[ˈspektrəm]
n. 系列；幅度；范围；光谱；[科]频谱
pinpoint [四级]
美[ˈpɪnpɔɪnt] | 英[ˈpɪnpɔɪnt]
v. 精确地找到；瞄准；使突出 n. 极小之物；精确位置 adj. 精确的；微小的
involved in [四级]
美 | 英
涉及； 包含在 ... 中
in the case of [四级]
美[ɪn ði kes ʌv] | 英[in ðə keis ɔv]
就 ... 来说 在 ... 的情况下
pay back [四级]
美[pe bæk] | 英[pei bæk]
偿还； 回报； 还击； 报复
involved [四级]
美[ɪnˈvɑlvd] | 英[ɪnˈvɒlvd]
adj. 涉及的；牵连的；复杂的；感情投入的；有密切关系的
threshold [六级]
美[ˈθreʃhoʊld] | 英[ˈθreʃhəʊld]
n. 门槛；开端；界限；入口
pose a threat [专四]
美[poʊz ə θret] | 英[pəʊz ə θret]
构成威胁
roost [专八]
美[rust] | 英[ru:st]
n. 栖木；鸟窝；栖息处 v. 栖息；安歇
onerous [考研]
美[ˈɑnərəs] | 英[ˈəʊnərəs]
adj. 繁重的
ideological [考研]
美[ˌaɪdiəˈlɑdʒɪkəl, ˌɪdi-] | 英[ˌaɪdɪə'lɒdʒɪkl]
adj. 意识形态的；思想上的
Federal [考研]
美[ˈfedərəl] | 英[ˈfedərəl]
adj. 联邦制的；联邦政府的；同盟的 n. 联邦主义者；同盟盟友
less than [雅思]
美[les ðən] | 英[les ðən]
不到； 少于
重点讲解
The Federal Reserve Bank of San Francisco was in charge of overseeing Silicon Valley Bank, and experts across the ideological spectrum are questioning why growing risks at the bank were not halted.
旧金山联邦储备银行负责监管硅谷银行，各种意识形态流派的专家都在质疑，为什么这家银行日益增长的风险没有得到遏制。
across the spectrum 各个种类的
【例】We shall hear views from across the political spectrum.
我们要听取各个政治派别的看法。
【拓展】a wide spectrum of books 一系列范围广泛的书籍
halt v. & n.
1. 作动词：使停下
【例】No one can halt the advance of history.
谁也阻挡不了历史的前进。
【近义词】stop/cease v. 停止
2. 作名词：（行进中的）停止，暂停
【例】The car came to a sudden halt.
汽车突然停下来。
The firm grew rapidly and took on a large number of depositors from one vulnerable industry: technology.
硅谷银行发展迅速，从易遭受风险的单一行业 -- 科技行业 -- 吸收了大量储户。
A large share of the bank's deposits were uninsured, making customers more likely to run for the exit in a moment of trouble, and the bank had not taken care to protect itself against the financial risks posed by rising interest rates.
该银行有很大一部分存款没有保险，这使得客户更有可能在遇到麻烦的时候争相取出存款，而且该银行没有注意保护自己免受利率上升带来的金融风险的影响。
uninsured adj. 无保险的
【例】an uninsured driver 没有保险的驾驶员
【拓展】insure v. 投保；承保
【例】insure his house against fire 给他的房子买火险/提供火险
【辨析】ensure v. 确保；保证
Worsening the optics of the situation, Greg Becker, the chief executive of Silicon Valley Bank, was until Friday on the board of directors at the Federal Reserve Bank of San Francisco. The Fed has said reserve bank directors are not involved in matters related to banking supervision.
让整个情况在公众眼中变得更糟的是，硅谷银行首席执行官格雷格·贝克尔直到周五还在旧金山联邦储备银行的董事会任职。美联储已经表示过，储备银行董事不参与和银行监督相关的事务。
optics n. 光学；公众看法
【例】He was concerned about the optics of the conflict, but not about the ethics or propriety of the transactions.
他关心的是公众对这场冲突的看法，不是交易是否符合道德伦理或是否妥当。
【拓展】optical adj. 光学的
【例】an optical telescope 光学望远镜
Questions about bank oversight ultimately come back to roost at the Fed's board in Washington -- which, since the 2008 crisis, has played a heavier role in guiding how banks are overseen day to day.
有关银行监管的问题最终回到华盛顿的美联储委员会 -- 自2008年危机以来，该委员会在指导银行日常监管方面发挥了更为重要的作用。
come back to
1. 回到（主题、想法）上来
【例】It all comes back to a question of money.
一切又回到钱的问题上来了。
2. 回想起来
【例】It suddenly comes back to me where I saw you last.
我突然想起来上次是在哪里看见你的。
The board has indicated that it will take the concerns seriously, putting its new vice chair of supervision, Michael Barr, in charge of the inquiry into what happened at Silicon Valley Bank, the Fed announced this week.
美联储本周宣布，委员会已表示将严肃对待这些担忧，并任命新任监督副主席迈克尔·巴尔负责调查硅谷银行事件。
inquiry n.
1. 调查；探索
【例】to hold an inquiry into the murder 对谋杀案进行调查
2. 询问；打听
【例】to make a few inquiries about the job 打听关于这份工作的消息
"The events surrounding Silicon Valley Bank demand a thorough, transparent and swift review by the Federal Reserve," Jerome H. Powell, the Fed chair, said in a statement.
"围绕硅谷银行发生的事件需要美联储进行彻底、透明和迅速的审查。"美联储主席杰罗姆·H. 鲍威尔在一份声明中表示。
transparent adj. 透明的；公开的
【例】The food company is transparent about their manufacturing process.
这家食品公司的生产流程公开透明。
【反义词】opaque adj. 不透明的；隐晦的
It is unclear how much any one of the 2018 rollbacks would have mattered in the case of Silicon Valley Bank.
目前尚不清楚，2018年对监管恢复宽松的措施对硅谷银行的影响有多大。
rollback n. （法律、情形等的）恢复
【例】a rollback of antipollution standards 反污染标准恢复如前
【拓展】roll back 降低（价格）
【例】The furniture dealer is rolling back the prices on all beds for this week only.
家具商在压低所有床的价格，只限本周。
Under the original postcrisis rules, the bank, which had less than $250 billion in assets, most likely would have faced a full Fed stress test earlier, probably by this year. But the rules for stress tests are complex enough that even that is difficult to pinpoint with certainty.
根据最初的后危机法规，这家资产不到2500亿美元的银行很可能会在更早的时候面临美联储的全面压力测试，可能是在今年之前。但压力测试的规则非常复杂，即使是这一点也很难确定。
pinpoint n. & v. & adj.
1. 作名词：针尖；极小的范围；极琐细的事物
【例】to argue about pinpoints 为芝麻绿豆的事争论不休
2. 作动词：明确指出；准确说明
【例】Emergency workers at the site are still unable to pinpoint the cause of the explosion.
现场的紧急救援人员依然无法明确指出爆炸发生的原因。
3. 作形容词：准确的；精确的
【例】pinpoint accuracy 高度精确性
"Nobody can say that without the 2018 rollbacks none of this would have happened," Ms. Judge said. But "those rules suggested that banks in this size range did not pose a threat to financial stability."
"没有人可以说，如果没有2018年恢复宽松，这一切就都不会发生。"贾奇说。但"这些规定表明，这种规模的银行不会对金融稳定构成威胁"。
pinpoint n. & v. & adj.
1. 作名词：针尖；极小的范围；极琐细的事物
【例】to argue about pinpoints 为芝麻绿豆的事争论不休
2. 作动词：明确指出；准确说明
【例】Emergency workers at the site are still unable to pinpoint the cause of the explosion.
现场的紧急救援人员依然无法明确指出爆炸发生的原因。
3. 作形容词：准确的；精确的
【例】pinpoint accuracy 高度精确性
But the government's dramatic response to Silicon Valley Bank's collapse, which included saving uninsured depositors and rolling out a Fed rescue program, underlined that even the 16th-largest bank in the country could require major public action.
然而政府对硅谷银行倒闭的剧烈反应，包括援救没有保险的储户和推出美联储救援计划，突显出即使是美国第16大的银行也可能需要重大公共行动。
roll out 正式推出（新产品）；开展（政治运动）
【例】The company has rolled out new services faster than any other in the field.
这家公司推出新服务的速度比该领域的其他任何公司都快。
【拓展】rolled into one 融为一体；集于一身
【例】These days parenting is a science, a competitive sport and a vocation rolled into one.
如今，抚养孩子是一项集科学研究、竞技运动和职业工作于一体的活动。
Given that, the Fed will be paying renewed attention to how those banks are treated when it comes to both capital (their financial cushion against losses) and liquidity (their ability to quickly convert assets into cash to pay back depositors).
有鉴于此，美联储将重新关注在资本(应对亏损的财务缓冲)和流动性(迅速将资产转换为现金以偿还储户的能力)方面如何处理这些银行。
renew v.
1. 重申；再次发生
【例】to renew the objections/a request 重申反对意见/再次提出请求
2. 续期；延长期限
【例】to renew the driving license/contract/subscription 更换驾照/续签合同/续约服务
convert v. 转变；转换
【例】The hotel is going to be converted into a nursing home.
那家旅馆将被改建成疗养院。
【拓展】convertible adj. 可改变的；可转换的
【例】a convertible sofa 可以当作床用的沙发
There could be a push, for instance, to lower the threshold at which the more onerous regulations begin to apply. As a result of the 2018 law, some of the stricter rules now kick in when banks have $250 billion in assets.
例如，可能会推动降低更繁琐的法规的适用门槛。由于2018年的法律，现在一些更严格的规定只在银行拥有2500亿美元资产的情况下才开始生效。
onerous adj. 繁重的；麻烦的
【例】She found the duties of motherhood onerous.
她发现当母亲是非常繁重的义务。
kick in
1. 开始生效
【例】It takes half an hour for the medication to kick in.
要过半个小时药物才生效。
2. 凑份子
【例】If everyone in the department kicks in, we can give him an especially nice present for his retirement.
要是部门里大家都凑个份子，我们可以送他一个很棒的退休礼物。
课后练习
One of the risks of Silicon Valley Bank was that ____.
A. a large number of deposits burdened it with heavy liabilities
B. customers were likely to withdraw most of their deposits
C. it did not insure its assets against unexpected incidents
D. the fluctuations in interest rates endangered its stability
What was the response of the Federal Reserve?
A. It would remove Greg Becker from the board of directors.
B. It would review its policy and guidelines on bank oversight.
C. It would appoint Michael Barr to the reserve bank of San Francisco.
D. It would conduct a thorough inquiry into the Silicon Valley Bank.
The government’s dramatic response showed that ____.
A. the 2018 rollbacks caused the supervisory failure
B. the stress tests were too complicated to be truly effective
C. medium-size banks could affect the nationwide financial system
D. public action was crucial to resolve financial emergencies
According to the text, it is possible that the Fed might ____.
A. urge banks to reduce their losses
B. take measures to increase liquidity
C. streamline the complicated regulations
D. extend some strict rules to smaller banks