VOA标准英语2010年-Ending Business As Usual

U.S. lawmakers are considering a variety of reforms governing the finance industry, following the Wall Street crisis of 2008. But it still may not be enough to end financial abuses.

Philip Alexiou | Washington DC 24 March 2010
 

The trading floor at the New York Stock Exchange, one of the world's largest.

This isn't the first financial reform plan to come out of Congress.  But the chairman of the Senate Banking¹ Committee, Connecticut Democrat² Chris Dodd, has unveiled a new plan to overhaul³ America's financial system.  The goal, he says, is to end business as usual.

"It will create a system where honest citizens large and small can thrive on a level playing field," says the soon-to-retire Democrat.  "Where middle class families can find work and invest with confidence."

Sen. Dodd says the legislation contains bipartisan ideas, and represents the most sweeping⁴ reform plan since the 1930s.  The draft calls for an independent consumer financial protection bureau, one that would protect borrowers from predatory lenders.  There is a proposed Stability Oversight⁵ Council that would give regulators the ability to police the financial system.  And big institutions would be required to fund a type of holding bank with $50 billion that would be used to fund a future Wall Street rescue, should one be necessary.

That last part raises serious questions for Christie Sciacca, a financial consultant⁶ for LECG.

"Are you saying you won't allow them to fail," she asks, "that you'll use that money to support those banks and you won't allow them to be liquidated⁷ or you won't allow them to be 'unwound,' and therefore creditors⁸ will be protected?"

Of additional concern, banks would be prohibited from running their own investment portfolios⁹ or hedge funds.  And credit agencies would be held accountable and possibly liable for the ratings they give to bonds and investment agencies, the very agencies that pay them to do so. 

"The concern right now is that in order to get a rating, I pay the rating agency," says Sciacca.  "I think what people are hoping for and looking for is more independence.  That if I pay you for the rating, has the rating agency been co-opted as part of that process?"

Measures like these could mean higher bank fees and tighter credit for consumers if the bill becomes law.  But Doug Elliott of the Brookings Institution says something has to be done to improve the way the financial sector¹⁰ operates.

"It ws so expensive to clean up after this crisis.  We need more safety, even it it makes loans a little more expensive."

For his part, the bill's primary author, Sen. Chris Dodd, characterizes it this way: "This legislation will not stop the next crises from coming.  No legislation can of course, but by creating a 21st century regulatory structure for our 21st century economy, we can equip coming generations with the tools to deal with that crisis and to avoid the kind of suffering we have seen this country over the past number of years."

At Boston University's School of Law, Professor Cornelius Hurley says the proposed legislation still leaves plenty of loopholes for the financial world to manipulate.

"The investment bankers and the financial engineers still have the ability to go out and create products that nobody understands, sometimes including themselves," says Hurley.  "The credit rating agencies still have the same business model going forward, and yes there are some quality control measures, but the essential conflicts of interest are still there."

One other factor: the very financial industries U.S. lawmakers are trying to regulate donated $476 million to political campaigns in election year 2008.  So far this year alone, they have contributed more than $100 million.
 

1 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

2 democrat   

n.民主主义者，民主人士；民主党党员

参考例句：

• The Democrat and the Public criticized each other.民主党人和共和党人互相攻击。
• About two years later,he was defeated by Democrat Jimmy Carter.大约两年后，他被民主党人杰米卡特击败。

3 overhaul   

v./n.大修，仔细检查

参考例句：

• Master Worker Wang is responsible for the overhaul of this grinder.王师傅主修这台磨床。
• It is generally appreciated that the rail network needs a complete overhaul.众所周知，铁路系统需要大检修。

4 sweeping   

adj.范围广大的，一扫无遗的

参考例句：

• The citizens voted for sweeping reforms.公民投票支持全面的改革。
• Can you hear the wind sweeping through the branches?你能听到风掠过树枝的声音吗？

5 oversight   

n.勘漏，失察，疏忽

参考例句：

• I consider this a gross oversight on your part.我把这件事看作是你的一大疏忽。
• Your essay was not marked through an oversight on my part.由于我的疏忽你的文章没有打分。

6 consultant   

n.顾问；会诊医师，专科医生

参考例句：

• He is a consultant on law affairs to the mayor.他是市长的一个法律顾问。
• Originally,Gar had agreed to come up as a consultant.原来，加尔只答应来充当我们的顾问。

7 liquidated   

v.清算( liquidate的过去式和过去分词 )；清除（某人）；清偿；变卖

参考例句：

• All his supporters were expelled, exiled, or liquidated. 他的支持者全都被驱逐、流放或消灭了。 来自《简明英汉词典》
• That can be liquidated at market value any time. 那可按市价随时得到偿付。 来自辞典例句

8 creditors   

n.债权人，债主( creditor的名词复数 )

参考例句：

• They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
• Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》

9 portfolios   

n.投资组合( portfolio的名词复数 )；（保险）业务量；（公司或机构提供的）系列产品；纸夹

参考例句：

• Price risk arises in non-trading portfolios, as well as in trading portfolios. 价格风险中出现的非贸易投资，以及在贸易投资组合。 来自互联网
• How do we fatten our portfolios and stay financially healthy? 我们怎样育肥我们的投资结构和维持财政健康呢？ 来自互联网

10 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。