T he US Treasury has just taken the historic step of proposing a new regulatory regime in which the Federal Reserve would become a systemic regulator. The plan raises three questions. Do we need a systemic regulator? Should the Fed be the systemic regulator? Are there dangers from this proposal for the Fed and its core mission of conducting monetary policy to control inflation and promote maximum sustainable employment? The answer to all three is yes.
美国财政部(Treasury)刚刚迈出了历史性的一步，提议建立一套新的监管体制，由美联储(Fed)充当系统性监管机构。该计划引发了三个问题：我们是否需要一个系统性监管机构？应该由美联储担当系统性监管机构吗？此项提议会危及美联储及其核心使命（即运用货币政策，控制通胀，促进最大可持续就业）吗？这三个问题的答案都是肯定的。
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