银行倒闭促使美联储审视银行法规(上)

美联储因硅谷银行倒闭而面临批评，立法者和金融监管专家质问，为什么监管机构未能发现并阻止看似显而易见的风险。

双语精读

Federal Reserve and Lawmakers Eye Bank Rules After Collapse

硅谷银行倒闭后，美联储和立法者开始审视银行法规

The Federal Reserve is facing criticism over Silicon Valley Bank's collapse, with lawmakers and financial regulation experts asking why the regulator failed to catch and stop seemingly obvious risks.

美联储因硅谷银行倒闭而面临批评，立法者和金融监管专家质问，为什么监管机构未能发现并阻止看似显而易见的风险。

That concern is galvanizing a review of how the central bank oversees financial institutions -- one that could end in stricter rules for a range of banks.

这种担忧激起了对央行如何监管金融机构的审查，可能最终导致对一系列银行实施更严格的法规。

In particular, the episode could result in meaningful regulatory and supervisory changes for institutions -- like Silicon Valley Bank -- that are large but not large enough to be considered globally systemic and thus subject to tougher oversight and rules.

这一事件尤其可能给硅谷银行之类的机构带来意义重大的监管和监督改变，这些机构规模庞大，但还不足以被视为庞大到能影响全球金融系统，从而受到更严格的监督和管理。

Smaller banks face lighter regulations than the largest ones, which go through regular and extensive tests of their financial health and have to more closely police how much easy-to-tap cash they have to serve as a buffer in times of crisis.

与最大的银行相比，规模较小的银行面临的监管程度较轻，大银行要对自己的财务健康状况进行定期且广泛的测试，并必须更密切地监控在危机时期，它们必须提供多少易于动用的现金作为缓冲。

Regulators and lawmakers are focused both on whether a deregulatory push in 2018, during the Trump administration, went too far, and on whether existing rules are sufficient in a changing world.

监管机构和立法者既关注特朗普政府在2018年实施的放松监管是否过于放松，也关注现有规则是否足够适应如今不断变化的世界。

While it is too early to predict the outcome, the shock waves that Silicon Valley Bank's demise sent through the financial system, and the sweeping response the government staged to prevent it from inciting a nationwide bank run, are clearly intensifying the pressure for stronger oversight.

虽然现在预测结果还为时过早，但硅谷银行倒闭给整个金融体系带来巨大冲击，政府为防止引发全国范围内的银行挤兑而做出全面回应，这些都显然在加强监管的压力。

"There are a lot of signs of a supervisory failure," said Kathryn Judge, a financial regulation expert at Columbia Law School, who also noted that it was too early to draw firm conclusions. "We do need more rigorous regulations for large regional banks that more accurately reflect the risks these banks can pose to the financial system," she said.

"有很多迹象表明存在监督失灵。"哥伦比亚大学法学院的金融监管专家凯瑟琳·贾奇说，她还指出，现在得出确定的结论还为时过早。"我们确实需要对大型地区性银行实施更严格的监管，从而更准确地反映这些银行可能给金融体系带来的风险。"她说道。

The call for tougher bank rules echoes the aftermath of 2008, when risky bets by big financial firms helped to plunge the United States into a deep recession and exposed blind spots in bank oversight.

要求更严格的银行法规的呼声是2008年金融危机后果的再现，当时大型金融公司的高风险押注导致美国深陷衰退，并暴露了银行监管的盲区。

The crisis ultimately led to the Dodd-Frank law in 2010, a reform that ushered in a series of more stringent requirements, including wide-ranging "stress tests" that probe a bank's ability to weather severe economic situations.

这场危机最终导致2010年出台《多德-弗兰克法案》，这项改革带来了一系列更严格的要求，包括范围广泛的"压力测试"，以考察银行抵御严峻经济形势的能力。

But some of those rules were lightened -- or "tailored" -- under Republicans. Randal K. Quarles, who was the Fed's vice chair for supervision from 2017 to 2021, put a bipartisan law into effect that relaxed some regulations for small and medium-size banks and pushed to make day-to-day Fed supervision simpler and more predictable.

但其中一些法规在共和党人的领导下得到放松，或者说"根据具体情况而有调整"。兰德尔·K. 夸尔斯在2017年至2021年期间担任美联储监督副主席，他实施了一项得到两党支持的法律，放松了对一些中小型银行的监管，并促使美联储的日常监督更简单和可预测。

Critics have said such changes could have helped pave the way for the problems now plaguing the banking system.

批评人士说，这些变化可能为目前困扰银行体系的问题铺平了道路。

"Clearly, there's a problem with supervision," said Daniel Tarullo, a former Fed governor who helped shape and enact many post-2008 bank regulations and who is now a professor at Harvard. "The lighter touch on supervision is something that has been a concern for several years now."

"显然，监督存在问题，"前美联储理事丹尼尔·塔鲁洛说，他曾帮助制订并颁布了许多2008年后的银行监管规定，现在是哈佛大学的教授。"对监督的放松是几年来一直令人担忧的问题。"

词汇预习

• economic [高考]

  美[ˌiːkəˈnɑːmɪk] | 英[ˌiːkəˈnɒmɪk]

  adj. 经济的，经济学的；有利可图的；节约的

• 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

• risky [高考]

  美[ˈrɪski] | 英[ˈrɪski]

  adj. 危险的；冒险的；大胆的

• accurately [高考]

  美['ækjərətlɪ] | 英['ækjərətlɪ]

  adv. 准确地；精确地

• pave [高考]

  美[peɪv] | 英[peɪv]

  vt. 铺路；铺设；铺满；安排

• regional [高考]

  美[ˈriːdʒənl] | 英[ˈriːdʒənl]

  adj. 地区的；局部的；当地的；方言的 n. 分部

• extensive [高考]

  美[ɪkˈstensɪv] | 英[ɪkˈstensɪv]

  adj. 广泛的；广阔的；广大的；大量的

• seemingly [高考]

  美[ˈsiːmɪŋli] | 英[ˈsiːmɪŋli]

  adv. 表面上；似乎；看起来

• criticism [高考]

  美[ˈkrɪtɪsɪzəm] | 英[ˈkrɪtɪsɪzəm]

  n. 批评；评论

• governor [高考]

  美[ˈɡʌvərnər] | 英[ˈɡʌvənə(r)]

  n. 统治者；管理者；理事；州长；总督；调节器

• 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

• supervision [高考]

  美[ˌsjupɚˈvɪʒən] | 英[ˌsju:pə'vɪʒn]

  n. 监督；管理

• sufficient [高考]

  美[səˈfɪʃnt] | 英[səˈfɪʃnt]

  adj. 足够的；充分的

• ultimately [高考]

  美[ˈʌltɪmətli] | 英[ˈʌltɪmətli]

  adv. 最后；最终

• 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

• thus [高考]

  美[ðʌs] | 英[ðʌs]

  adv. 这样；如此；因此；从而

• former [高考]

  美[ˈfɔːrmər] | 英[ˈfɔːmə(r)]

  adj. 前者的；前任的；以前的 n. 创造者；[英]学校某一年级的学生

• obvious [高考]

  美[ˈɑːbviəs] | 英[ˈɒbviəs]

  adj.明显的;显著的;平淡无奇的;自明

• outcome [高考]

  美[ˈaʊtkʌm] | 英[ˈaʊtkʌm]

  n. 结果，成果，效果，结局

• cash [高考]

  美[kæʃ] | 英[kæʃ]

  n. 现金 vt. 付现款；兑现 adj. 现金的

• regulation [高考]

  美[ˌreɡjuˈleɪʃn] | 英[ˌreɡjuˈleɪʃn]

  n. 管理；规章；规则 adj. 规定的

• administration [高考]

  美[ədˌmɪnɪˈstreɪʃn] | 英[ədˌmɪnɪˈstreɪʃn]

  n. 实施；管理；行政；行政部门；任期

• severe [高考]

  美[sɪˈvɪr] | 英[sɪˈvɪə(r)]

  adj. 严厉的；严重的；剧烈的；严格的；严峻的

• reform [高考]

  美[rɪˈfɔːrm] | 英[rɪˈfɔːm]

  n. 改革；改良 v. 改革；革新；改造

• nationwide [高考]

  美[ˌneɪʃnˈwaɪd] | 英[ˌneɪʃnˈwaɪd]

  adj. 全国性的 adv. 在全国范围内

• 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

• result in [高考]

  美[rɪˈzʌlt ɪn] | 英[rɪˈzʌlt ɪn]

  导致；结果是

• serve as [高考]

  美[sɚv æz] | 英[sə:v æz]

  vt. 担任(充当； 起 ... 的作用)

• a series of [高考]

  美[ə ˈsɪriːz əv] | 英[ə ˈsɪəriːz ɒv]

  一系列, 一连串

• end in [高考]

  美[ɛnd ɪn] | 英[end in]

  以 ... 告终

• expert at [高考]

  美[ˈɛkˌspɚt æt] | 英[ˈekspə:t æt]

  在 ... 方面的老手； 专家； 专长于

• episode [高考]

  美[ˈepɪsoʊd] | 英[ˈepɪsəʊd]

  n. 一段情节；片段；轶事；插曲

• 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

• probe [高考]

  美[proʊb] | 英[prəʊb]

  n. 调查；查究；探针；探测器 v. 用探针测；探测；详细调查

• plunge [四级]

  美[plʌndʒ] | 英[plʌndʒ]

  v.暴跌；使突然前冲（或下落）；骤降；突降 n.跳水；突然跌落；突然分离；骤减

• recession [四级]

  美[rɪˈseʃn] | 英[rɪˈseʃn]

  n. 后退；（经济）不景气

• globally [四级]

  美['ɡloʊbəlɪ] | 英['ɡləʊbəlɪ]

  adv. 世界上；全世界

• rigorous [四级]

  美[ˈrɪɡərəs] | 英[ˈrɪɡərəs]

  adj. 严格的；严厉的；严峻的；细致的

• regulatory [四级]

  美[ˈregjələtɔri] | 英[ˈregjələtəri]

  adj. 管理的；控制的；调整的

• predictable [四级]

  美[prɪˈdɪktəbl] | 英[prɪˈdɪktəbl]

  adj. 可预知的

• day-to-day [四级]

  美[ˈdetəˈde] | 英[ˈdeɪtəˈdeɪ]

  adj. 日常的；逐日的

• regulator [四级]

  美[ˈreɡjuleɪtər] | 英[ˈreɡjuleɪtə(r)]

  n. 调整者；调整器；监管机构

• subject to [四级]

  美[ˈsʌbdʒekt tu] | 英[ˈsʌbdʒikt tu:]

  易受 ... 影响的；屈服于 ... 的；让步于 ...；取决于

• existing [四级]

  美[ɪɡˈzɪstɪŋ] | 英[ɪɡˈzɪstɪŋ]

  adj. 现存的；现有的

• enact [专四]

  美[ɪˈnækt] | 英[ɪˈnækt]

  vt. 制定法律；扮演

• aftermath [专四]

  美[ˈæftərmæθ] | 英[ˈɑːftəmæθ]

  n. 后果；余波；灾后时期；再生作物

• lighter [专八]

  美[ˈlaɪtɚ] | 英[ˈlaɪtə(r)]

  n. 打火机，点火器；点火者，点灯者；驳船 v. 用驳船运，驳运 adj. light的形容词/副词比较级

• sweeping [专八]

  美[ˈswipɪŋ] | 英[ˈswi:pɪŋ]

  n. 扫除 adj. 一扫而去的；凶猛的；广泛的

• buffer [专八]

  美[ˈbʌfər] | 英[ˈbʌfə(r)]

  n. 缓冲；(火车头尾或轨道末端的)缓冲器；[计算机]缓存区；老朽 v. 缓冲；减轻；[计]缓存

• 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

• touch on [考研]

  美[tʌtʃ ɑːn] | 英[tʌtʃ ɒn]

  触及； 论及； 简略提到； 涉及

• noted [托福]

  美[ˈnoʊtɪd] | 英[ˈnəʊtɪd]

  adj. 著名的；有声望的

• supervisory [雅思]

  美[ˌsjupə'vaɪzərɪ] | 英[ˌsju:pə'vaɪzərɪ]

  adj. 管理的；监控的

重点讲解

Federal Reserve and Lawmakers Eye Bank Rules After Collapse

硅谷银行倒闭后，美联储和立法者开始审视银行法规

eye   v. （因怀疑或渴望而）审视，注视

【例】They eyed us with alarm. 

他们警觉地注视着我们。

He couldn't help eyeing the cakes hungrily. 

他饥不可耐地盯着蛋糕。

The Federal Reserve is facing criticism over Silicon Valley Bank's collapse, with lawmakers and financial regulation experts asking why the regulator failed to catch and stop seemingly obvious risks.

美联储因硅谷银行倒闭而面临批评，立法者和金融监管专家质问，为什么监管机构未能发现并阻止看似显而易见的风险。

eye   v. （因怀疑或渴望而）审视，注视

【例】They eyed us with alarm. 

他们警觉地注视着我们。

He couldn't help eyeing the cakes hungrily. 

他饥不可耐地盯着蛋糕。

That concern is galvanizing a review of how the central bank oversees financial institutions -- one that could end in stricter rules for a range of banks.

这种担忧激起了对央行如何监管金融机构的审查，可能最终导致对一系列银行实施更严格的法规。

galvanize   v. 使振奋；激励；刺激

【例】The urgency of his voice galvanized them into action. 

他急迫的声音激励他们行动起来。

【搭配】galvanize sb into doing sth/sth

【近义词】arouse  v. 激起；使行动起来；唤醒

In particular, the episode could result in meaningful regulatory and supervisory changes for institutions -- like Silicon Valley Bank -- that are large but not large enough to be considered globally systemic and thus subject to tougher oversight and rules.

这一事件尤其可能给硅谷银行之类的机构带来意义重大的监管和监督改变，这些机构规模庞大，但还不足以被视为庞大到能影响全球金融系统，从而受到更严格的监督和管理。

be subject to

1. 受……支配的

【例】We are all subject to the laws of nature. 

我们都要受自然规律的支配。

2. 易受……影响的

【例】The area is subject to devastating seasonal winds. 

这个地区常遭破坏性季风的袭击。

【拓展】be subjected to...  遭受；经受

【例】The city was subjected to heavy bombing. 

那座城市遭受了猛烈轰炸。

oversight   n. 

1. 监督；负责

【例】under one’s oversight   在某人的监督下

2. 疏忽；疏漏

【例】The mistake was the result of an oversight.

这错误是疏忽造成的。

Smaller banks face lighter regulations than the largest ones, which go through regular and extensive tests of their financial health and have to more closely police how much easy-to-tap cash they have to serve as a buffer in times of crisis.

与最大的银行相比，规模较小的银行面临的监管程度较轻，大银行要对自己的财务健康状况进行定期且广泛的测试，并必须更密切地监控在危机时期，它们必须提供多少易于动用的现金作为缓冲。

police   v. 维护治安；监督；管理

【例】police an agreement 监督协议的执行

【拓展】parent  v. 当父母；抚养孩子  nurse  v. 照顾（病人）

tap   v. 利用（已有的资源）

【例】We need to tap the expertise of the people we already have. 

我们需要利用我们现有人员的专业知识。

【拓展】on tap   可随时使用的

【例】I don’t have money on tap. 

我手头没有现钱了。

buffer    n. & v. 

1. 作名词：起缓冲作用的人或物

【例】a buffer between father and son  父子间的调解人

2. 作动词：减缓（伤害）

【例】to buffer themselves against uncertainties 让自己少受不确定性的影响

【近义词】cushion  n./v. 缓冲物/起缓冲作用  

hedge  n./v. 防止损失金钱的措施/采取保护措施

Regulators**** and lawmakers are focused both**** on**** whether a deregulatory**** push**** in**** 2018****,**** during**** the Trump administration****,**** went**** too far,**** and on**** whether existing**** rules are sufficient**** in**** a changing**** world.****

监管机构和立法者既关注特朗普政府在2018年实施的放松监管是否过于放松，也关注现有规则是否足够适应如今不断变化的世界。

While it is too early to predict the outcome, the shock waves that Silicon Valley Bank's demise sent through the financial system, and the sweeping response the government staged to prevent it from inciting a nationwide bank run, are clearly intensifying the pressure for stronger oversight.

虽然现在预测结果还为时过早，但硅谷银行倒闭给整个金融体系带来巨大冲击，政府为防止引发全国范围内的银行挤兑而做出全面回应，这些都显然在加强监管的压力。

stage   v.

1. 上演；举办

【例】to stage a play/an exhibition  上演一出戏/举办一场展览

2. 组织；举行

【例】to stage a strike/protest   组织罢工/抗议活动

3. 出现；呈现

【例】to stage a comeback to the music scene  回归歌坛

"There are a lot of signs of a supervisory failure," said Kathryn Judge, a financial regulation expert at Columbia Law School, who also noted that it was too early to draw firm conclusions. "We do need more rigorous regulations for large regional banks that more accurately reflect the risks these banks can pose to the financial system," she said.

"有很多迹象表明存在监督失灵。"哥伦比亚大学法学院的金融监管专家凯瑟琳·贾奇说，她还指出，现在得出确定的结论还为时过早。"我们确实需要对大型地区性银行实施更严格的监管，从而更准确地反映这些银行可能给金融体系带来的风险。"她说道。

rigorous   adj. 

1. 严格的；严厉的

【例】rigorous standards/punishment  严格的标准/严厉的惩罚

【近义词】strict/tough  adj. 严厉的

2. 严谨的；细致的

【例】a rigorous analysis/study   细致的分析/缜密的研究

The call for tougher bank rules echoes the aftermath of 2008, when risky bets by big financial firms helped to plunge the United States into a deep recession and exposed blind spots in bank oversight.

要求更严格的银行法规的呼声是2008年金融危机后果的再现，当时大型金融公司的高风险押注导致美国深陷衰退，并暴露了银行监管的盲区。

plunge sth into    使某物陷入（不好的事情）

【例】The news plunged them into deep depression. 

这条消息立即使他们深感沮丧。

【拓展】plunge into sth  热情投入；贸然行动

【例】At the age of 52, he plunged into writing a book on crime.

他在52岁时开始潜心写作一部论述犯罪的书。

The crisis ultimately led to the Dodd-Frank law in 2010, a reform that ushered in a series of more stringent requirements, including wide-ranging "stress tests" that probe a bank's ability to weather severe economic situations.

这场危机最终导致2010年出台《多德-弗兰克法案》，这项改革带来了一系列更严格的要求，包括范围广泛的"压力测试"，以考察银行抵御严峻经济形势的能力。

usher in sth  开启；开创

【例】The French Revolution ushered in a new age. 

法国大革命开创了一个新时代。

probe   v. & n.

1. 作动词：探究；探查

【例】The explorers spent all day probing the cave. 

勘探队员们一整天都在探査那个洞穴。

2. 作名词：探究；调查

【例】a probe into the drug dealing  对毒品交易的调查

But some**** of**** those rules were**** lightened --**** or**** "tailored"**** --**** under Republicans.**** Randal**** K.**** Quarles,**** who was the Fed's vice**** chair for supervision from**** 2017**** to**** 2021****,**** put a bipartisan**** law into**** effect**** that**** relaxed some**** regulations for small and medium****-size**** banks and pushed**** to**** make**** day-to****-day Fed supervision simpler and more**** predictable.****

但其中一些法规在共和党人的领导下得到放松，或者说"根据具体情况而有调整"。兰德尔·K. 夸尔斯在2017年至2021年期间担任美联储监督副主席，他实施了一项得到两党支持的法律，放松了对一些中小型银行的监管，并促使美联储的日常监督更简单和可预测。

Critics have said such changes could have helped pave the way for the problems now plaguing the banking system.

批评人士说，这些变化可能为目前困扰银行体系的问题铺平了道路。

plague   n. & v.

1. 作名词：（动物或昆虫肆虐造成的）祸患

【例】a plague of locusts/war  蝗虫灾害/战祸

2. 作动词：长时间困扰；造成长时间的痛苦

【例】His life was plagued by poverty and illness. 

他一生受贫困与疾病的折磨。

"Clearly, there's a problem with supervision," said Daniel Tarullo, a former Fed governor who helped shape and enact many post-2008 bank regulations and who is now a professor at Harvard. "The lighter touch on supervision is something that has been a concern for several years now."

"显然，监督存在问题，"前美联储理事丹尼尔·塔鲁洛说，他曾帮助制订并颁布了许多2008年后的银行监管规定，现在是哈佛大学的教授。"对监督的放松是几年来一直令人担忧的问题。"

touch   n. 作风；风格；特性

【例】Computer graphics will give your presentation the professional touch. 

计算机绘图将会使你的演示显得更专业。

课后练习

• The possible consequence of Silicon Valley Bank’s collapse is that ____.

  A. the Federal Reserve will suffer a penalty

  B. regulations on some banks will tighten

  C. financial institutions will face higher risks

  D. the public confidence in banks will collapse

• Which of the following is true about Silicon Valley Bank?

  A. It played a central role in the global financial system.

  B. It received light oversight because it was not big enough.

  C. It examined its financial health regularly to avoid risks.

  D. It was required to hold a huge amount of cash.

• According to the text, Kathryn Judge held that ____.

  A. Silicon Valley Bank’s collapse intensified the risk of a financial crisis

  B. Silicon Valley Bank’s demise was the result of a supervisory failure

  C. it might be too early to reform the regulations for the financial system

  D. the influence of large regional banks needed to be reconsidered

• What can be learned about bank oversight after 2008?

  A. The Dodd-Frank law was invalidated by the Republicans.

  B. Some of the strict rules were displaced by light regulations.

  C. Medium-sized banks were demanded to go through stress tests.

  D. Banks were more resilient in times of crisis due to tough regulations.