华尔街和比特币颤抖吧，美国20年来最激进的监管者要来了

原创 祁月 华尔街见闻

Original, Satsuki, Wall Street.

导读：拜登提名的美国证交会主席Gary Gensler正是当年《多德-弗兰克法案》的起草人之一，华尔街视他为头号死敌。

Introduction: Gary Gensler, who was nominated by Biden as Chairman of the SEC, was one of the drafters of the Dodd-Frank Act that year, Wall Street regarded him as the number one dead enemy.

图片来源：视觉中国

在白宫正式开启权力交接的前夕，拜登发起了一项内阁成员的提名，引发了华尔街乃至全世界金融界的高度关注。

On the eve of the formal opening of the transfer of power at the White House, Biden launched a nomination for a cabinet member, which generated a high level of interest on Wall Street and, indeed, on the financial world around the world.

这个令整个华尔街瞩目的职位，正是金融业最高监管机构之一——美国证券交易委员会（SEC）主席一职。而被拜登提名的人，是当年奥巴马政府中担任金融业最高监管者之一的盖瑞·詹斯勒（Gary Gensler）。

One of the top regulators of the financial sector – the United States Securities and Exchange Commission (SEC) – is this prominent post on Wall Street. Biden’s nominee was Gary Gensler, one of the top regulators of the financial sector in the Obama administration that year.

此人并不为民众所熟知，而在华尔街，但凡听到盖瑞·詹斯勒的大名，银行家们的表情往往会瞬间变得异常严肃。

This person is not well known to the public, but on Wall Street, bankers who hear the name of Gary Jansler tend to suddenly become extremely serious.

原因无他，盖瑞·詹斯勒有过铁腕整治金融业的从政生涯。08年金融危机爆发之后，他曾力排众议，大刀阔斧地发起改革，针对规模达数百万亿美元的金融衍生品市场制定了一整套从头到脚的监管规则。

For no reason other than his own, Gary Jansler has had a political career in the financial industry with iron fists. After the financial crisis of '08, he pushed for radical reform, with a set of top-to-heavy regulatory rules for a multi-billion-dollar financial derivatives market.

同时，拜登还提名马萨诸塞州民主党参议员沃伦(Elizabeth Warren)的助手Rohit Chopra作为美国消费者金融保护局(CFPB)局长。现年38岁的Chopra在竞选公职之前帮助沃伦成立了CFPB。

Biden also nominated Rohit Chopra, an assistant to Senator Elizabeth Warren of the Massachusetts Democratic Party, as director of the United States Consumer Financial Protection Agency (CFPB). Chopra, aged 38, helped Warren establish the CFPB before running for office.

这样的提名组合，无疑预示着拜登政府将加大对金融业的监管力度。可以预见的是，拜登时期的美国金融监管局面将与特朗普政府实施了四年的监管松绑截然不同。对此，当地媒体Axios给出了一句意味深长的评价：

Such a combination of nominations undoubtedly augurs well for the Biden government’s increased regulation of the financial sector. It can be expected that the financial regulation of the United States during the Biden period will be very different from the four-year deregulation of the Trump government.

未来四年，权力将从华尔街转移到华盛顿。这就是拜登想要传达的信息。

In the next four years, power will be transferred from Wall Street to Washington. That's the message Biden wants to convey.

拜登正试图制定一个明显比克林顿和奥巴马还要偏左的经济政策，这其中的关键就包括金融监管。

Biden is trying to develop an economic policy that is significantly more left-handed than Clinton and Obama, the key among which is financial regulation.

01

“二十年来最激进的监管者”

"The most radical regulator in 20 years."

与现任美国财长姆努钦和特朗普最初的顶级经济顾问加里?科恩（Gary Cohn）一样，现年63岁的詹斯勒也是“高盛帮”成员。

Like Gary Cohen, the first top economic adviser to the current United States finance ministers, Mnuchin and Trump, Jansler, 63 years old, is also a member of the “Golden Gang”.

詹斯勒在30岁时就跻身高盛合伙人。在华尔街摸爬滚打十八年后，他弃商从政，入职克林顿时期的财政部，服务于时任财政部副部长萨默斯(Lawrence Summers)。2009年至2013年，詹斯勒出任美国商品期货交易委员会（CFTC）主席。离开政坛后，他栖身象牙塔，在麻省理工斯隆商学院任教。

Jansler was a partner in Goldman Sachs when he was 30. Eighteen years later, on Wall Street, he left business for the Clinton-era Treasury to serve as Deputy Minister of Finance, Lawrence Summers. From 2009 to 2013, Jansler was Chairman of the United States Commodity Futures Trading Commission (CFTC). After leaving the political arena, he took refuge in the ivory tower and taught at the Massachusetts Institute of Technology Sloan Business.

不过，詹斯勒并没有彻底离开政坛。2016年，他为希拉里?克林顿(Hillary Clinton)的总统竞选活动担任过首席财务官。

Jensler did not, however, leave politics altogether. In 2016, he served as Chief Financial Officer for the Hilary Clinton presidential campaign.

按照华尔街日报的说法，在2009年至2013年执掌美国商品期货交易委员会期间，盖瑞·詹斯勒以激进、咄咄逼人的管理风格闻名，他经常与银行业高管甚至其他监管同僚爆发激烈的争吵。在制定金融监管政策时，詹斯勒丝毫不顾及他人情面，经常让一些人下不来台。

According to the Wall Street Journal, Gary Jansler was well known for his aggressive and aggressive management style during his presidency of the US Commodity Futures Trading Commission in 2009-2013, and he often engaged in intense quarrels with senior bank managers and even other regulatory colleagues. In formulating financial regulatory policies, Jensler did not take anyone into account, often leaving some people out of power.

当年在詹姆斯手下工作的美国商品期货交易委员会员工们也痛苦不堪，因为这位老板安排的工作不仅繁重而且需要长时间干活，以至于他们最终成立了一个工会组织来捍卫权利。

The employees of the United States Commodity Futures Trading Commission, who worked under James at the time, also suffered from the fact that the boss had not only a heavy workload but also a long time to work, so that they eventually formed a trade union organization to defend their rights.

彭博社称，詹斯勒是整个华尔街眼中的头号死敌。

According to Bloomberg, Jensler was the number one enemy in the eye of Wall Street.

他倒是很喜欢这个标签。当年奥巴马选他进入美国商品期货交易委员会时，许多民主党议员还曾担心这位前高盛合伙人会对华尔街过于顺从。

He liked the label. When Obama elected him to the US Commodity Futures Trading Commission, many Democrats also feared that the former Goldman Sachs partner would be too submissive to Wall Street.

詹斯勒用极其强硬的做派打消了那些疑虑。他当年做出的那些政绩，至今都是美国金融监管史上浓墨重彩的记录。

Jensler dispelled those doubts with an extremely hard-line approach. His performance in that year was still a resounding record in the history of US financial regulation.

他是在金融危机爆发、一系列银行及企业爆发财务丑闻之后出任CFTC主席的，针对体量巨大的场外掉期市场实施了强有力的管理措施，是推进新监管制度的主要幕后推手，还帮助起草了2010年出台的《多德-弗兰克法案》（Dodd-Frank Act）。

He chaired the CTC following a financial crisis and a series of financial scandals in banks and businesses, implemented strong regulatory measures against large off-the-shelf swap markets, was the main behind-the-scenes in advancing the new regulatory system, and helped draft the Dodd-Frank Act (Dodd-Frank Act), which was introduced in 2010.

在他的领导下，曾经长期被视为一潭死水的CFTC变成了华尔街最积极的监管机构。而华尔街乃至整个金融业也因为他推行的一系列监管改革和新规付出了几十亿美元的代价，“罪名”包括操纵Libor、抵押贷款违规等。

Under his leadership, the CFTC, which had long been seen as a dead body of water, became the most active regulator on Wall Street. Wall Street, and the financial sector as a whole, paid billions of dollars for a series of regulatory reforms and new regulations, “offences” including the manipulation of Libor, mortgage irregularities, etc.

詹斯勒2010年接受纽约时报采访时曾表示：“华尔街的利益并不总是与公众的利益相同。”

In an interview with the New York Times in 2010, Jansler stated: “Wall Street interests are not always the same as those of the public”.

“律师、监管人士和游说者表示，詹斯勒很可能是自本世纪初William Donaldson领导证交会、或者自克林顿政府时期的Arthur Levitt任职以来，最激进、最主张严监管的SEC主席。”华尔街日报称。

“Lawyers, regulators and lobbyists say that Jansler is probably the most radical and pro-intensity SEEC president since William Donaldson led SECP at the beginning of the century, or since Arthur Levitt, during the Clinton administration, took office.” Wall Street Journal.

02

新官上任会有几把火？

How many fires will the new officer take?

詹斯勒和Rohit Chopra的任命都需要获得参议院银行委员会议员们的批准。

The appointments of Gensler and Rohit Chopra are subject to the approval of members of the Senate Banking Commission.

就目前来看，尽管银行业拥有强大的游说团体，但他们阻止詹斯勒当选的努力很有可能会化为泡影。毕竟民主党和共和党在参议院势均力敌，如果所有共和党议员都反对，拜登的副手哈里斯(Kamala Harris)就会举行决定性的投票。而她的一票，显然不会是反对票。

For the time being, despite strong lobbying groups in the banking sector, their efforts to prevent Jansler’s election are likely to be lost. After all, the Democratic Party and the Republican Party are equal in the Senate, and if all Republican parliamentarians oppose it, Biden’s deputy, Kamala Harris, will vote decisively.

一旦获得首肯，詹斯勒将立即需要着手解决因疫情以及审计新规而造成的市场混乱。

Once agreed, Jensler will immediately need to address the market disruption caused by the epidemic and the new audit regulations.

民主党议员们可能会指望詹斯勒推动撤销特朗普政府宽松的金融监管政策，包括那些恢复那些金融危机爆发后实施的严监管措施，推动更严厉的执法，并对被指控有不法行为的金融公司和高管处以更高的罚款。他还可能敦促上市公司披露政治支出以及多样性等方面的信息。

Democratic parliamentarians may expect Jansler to push for the dismantling of Trump’s liberal financial regulatory policies, including those that revive stringent regulatory measures imposed after the financial crisis, promote stricter enforcement, and impose higher fines on financial companies and executives accused of wrongdoing. He may also urge listed companies to disclose information about political spending and diversity.

纽约时报称，拜登曾谈到要求企业披露更多有关其环境影响的信息，而国会议员则讨论了限制公司股票回购，并主张加强对对冲基金和私募股权公司所谓的影子银行活动的控制。

The New York Times stated that Biden had spoken of requiring businesses to disclose more information about their environmental impact, while parliamentarians had discussed restrictions on corporate stock buybacks and advocated for greater control over hedge funds and the so-called shadow banking activities of private equity companies.

此外，詹斯勒还面临着敦促积极实施危机后时代的《多德-弗兰克法案》的压力，新版法案增加了对衍生品市场实施监管改革的条款。他还主张实施更加严厉的《沃尔克规则》（Volcker Rule），该法案禁止他的老东家高盛、摩根士丹利等华尔街大型银行开展自营交易。

In addition, Jensler is under pressure to actively implement the post-crisis Dodd-Frank Act, which adds provisions for regulatory reform of the derivatives market. He also advocates the enforcement of the more stringent Volcker Rule, which prohibits large Wall Street banks such as his old boss, Goldman Sachs, Morgan Stanley, and others from conducting their own business.

不过，詹斯勒也面临着巨大的挑战。毕竟，如今的美国证交会所管辖的市场体量是商品期货委员会管理的5倍以上。而且，彭博社援引一位证交会人士的话称，詹斯勒当年在CFTC任职期间，员工士气大幅下降。

After all, the US SEC now has more than five times the size of the market administered by the Commodity Futures Board. And, as a witness, Bloomberg quotes, Jensler suffered a significant decline in staff morale during his time in the CFTC.

纽约时报注意到，詹斯勒最近一直在学习和研究比特币等数字货币。而这些货币在他尚未成为监管机构老大之前，已经是美国证券交易委员会的重点监管部分了。

The New York Times notes that Jansler has recently been studying and studying digital currencies, such as bitcoins, which were already a key regulatory component of the United States Securities and Exchange Commission before he became the head of the regulator.

根据他过去几年的演讲和发表的论文，詹斯勒他主张在全国层面监控加密货币交易，而不是把监管任务交给各州。”如果它得到广泛采用，如果加密货币将成为未来的一部分，它就必须纳入公共政策范围之内。这意味着我们需要预防和阻止非法活动。我们需要保护投资者。”他在2018年接受采访时说。

According to his speeches and papers published over the past few years, Jensler argued for surveillance of encrypted currency transactions at the national level, rather than giving regulatory tasks to the states.” If it is widely adopted, if encrypted money is to become part of the future, it must be included in public policy. This means that we need to prevent and deter illegal activities. We need to protect investors.” He said in an interview in 2018.

在他看来，范围更大的监管对于加密货币成为主流是一件好事。“某种形式的监管是需要的。就像是你需要交通灯和限速规定，因为这样公众才有信心上路驾驶。”

In his view, greater regulation is a good thing for encryption money to become mainstream. “Some form of regulation is needed. It's like you need traffic lights and speed limits, because that's how the public has the confidence to drive.”

彭博社认为，詹斯勒的上任，意味着规模达1万亿美元的加密货币市场将迎来一个全新的监管大时代。

According to Bloomberg, Jansler's assumption of office means that an encrypted currency market of $1 trillion will usher in a new era of regulation.

事实上，詹斯勒接触数字货币并非是一件新鲜的事情。他在斯隆商学院教授的重要课程之一就是数字货币和区块链。从这个角度看，他可能是最好的监管者人选。

In fact, Jensler’s exposure to digital money is not new. One of his major courses at Sloan Business School is digital money and block chains. From this perspective, he may be the best regulator.

美国消费者联合会投资者保护主任Barbara Roper在接受华尔街日报采访时赞誉詹斯勒：“他是一个聪明而又强硬的监管者，知道如何把事情做好。”

Barbara Roper, Director of Investor Protection, American Consumers' Federation, in an interview with the Wall Street Journal, praised Jansler: “He's a smart and tough regulator who knows how to get things right.”

原标题：《华尔街和比特币颤抖吧！美国20年来最激进的监管者要来了》

Original title: "Wall Street and Bitcoin shake! America's most radical regulators in 20 years are coming."

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