Since March 2023，The closure of the small and medium -sized banking industry in the United States starts at first，It is still unprepared to this day。This turmoil is directly due to the continuous interest rate hike in the United States，This causes the liquidity of the financial system and the risk，In the end, a huge impact on the small and medium -sized bank system's balance sheet。But I think，The closure of small and medium -sized banks is the risk accumulation formed by the deviation of regulatory concepts，It is an inevitable result of the imbalance of decision -making by US financial regulatory policy。

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The formulation of US financial supervision policies mainly focuses on regulatory costs and income weighing。Regulatory costs include formulation、Supervision and execution rules, various regulatory costs,。How to establish a reasonable supervision burden，Maintain economic growth while achieving financial stability，Become a priority and key content formulated by the policy formulation of the US financial supervision authorities。But，Due to excessive pursuit of the optimal "cost -effective"，There are imbalances in the decision -making process of regulatory costs and income in the United States。

The main classification standard for financial supervision in the United States is asset scale。The United States is in accordance with the principle of "tailor -made"，Different enhanced regulatory requirements for banks with different assets (EPR)。Based on this，Large banks with more than 250 billion US dollars assets are defined as systemic importance financial institutions，Strict supervision requirements need to be implemented; and small and medium bet365 live casino games -sized banks with smaller assets need to meet the minimum capital adequacy ratio、Leverage rate and other requirements，Only require the establishment of a risk committee and chief risk officer。This is mainly because the classification indicators of scale are more economical，The economic effect of scale is also an important consideration。Related research has been preliminarily confirmed，A scale economy in financial supervision，The increase in regulatory costs increased by additional supervision of large banks should be smaller than the amplitude of the bank's scale。

But，Financial supervision standards should be based on the scale of assets、Event、complexity、Comprehensive consideration and analysis of multiple factors such as correlations，Only the main criteria for regulating the classification of assets are obviously biased。On the one hand，Except asset size，The process of bank realization of assets is equally important。Total asset scale standards can neither provide bank asset type information，It is impossible to explain how banks raise funds to achieve accumulated assets，This may lead to inappropriate supervision of banks; small and medium banks with similar operating behaviors are in financial difficulties，It may also cause systemic risk。On the other hand，Blind pursuit of minimum cost and investment to obtain the largest regulatory income，Is not conducive to regulatory effectiveness implementation。Regulatory income is often difficult to quantify measurable，The phenomenon of "regulatory competition" that reduces regulatory standards to achieve the minimum regulatory cost，This pursuit of short -term regulatory efficiency lacks long -term strategic considerations。When an external monetary policy, there is a steering，Supervisor decision -making imbalance will be completely exposed，Therefore, systemic risk Bet365 lotto review is significantly increased。

　　Urban Decisions Decisions

The United States is dealing with relevant innovation、Competition and fair development elements and risks are also imbalance，Therefore, it further expands the potential risk accumulation。

In terms of innovation and risk balance，The United States has always adhered to the principle of "innovation priority"。Innovation plays an important driving role in US economic growth，US government and market funds have always attached great importance to providing capital support for scientific and technological innovation。After the international financial crisis，The United States encourages market funds to support innovation activities。Except direct financing，American innovation enterprises need to raise funds for entrepreneurship through risk capital，These funds support generally does not have long -term and stability，It also has a very high sensitivity to interest rates。So，Small and medium banks that provide financial services to these scientific and innovative enterprises also face greater business risks。Closing of Silicon Valley Bank and Signature Bank，closely related to the impact of science and technology enterprises' interest rate hikes，It is also the result of insufficient risk control over the United States。

In terms of competition and risk weighing，The United States emphasizes competition too much，Causes the risk accumulation of small and medium banks。On the one hand，American small and medium -sized banks face over -competitive pressure。At the macro level，US financial regulatory authorities constantly relax bank scale restrictions，It continuously improves the asset scale threshold of the system importance of system importance institutions，Give regional loose regulatory environment for regional small and medium banks，Support them to rank among larger banks through competition Bet365 app download mergers and acquisitions。At the micro level，Long -term low interest rate environment squeeze the profit space of small and medium banks，Existing large banks and newly entered non -bank institutions loan competition intensify，Eclipse the business of the balance sheet。On the other hand，Bank competition and risk may have positive correlation。Supporters of the view of "centralization -vulnerability" believe，Bank competition and centralization leads to banks "too important but not closing"，This has increased the government's hidden guarantee，Exhaust the vulnerability of the banking system。It is the United States when encouraging competition while relaxing the control of risks，Only caused small and medium -sized banks such as Silicon Valley Bank to be expanding in scale，Risks of mismatching of assets and liabilities，and further trigger the liquidity risk of the entire small and medium bank。

In terms of fairness and risk balance，The United States has adopted strengthening supervision requirements for a few large financial institutions，The situation aimed at maintaining the fair competition of the banking industry。After the international financial crisis，Small and medium -sized banks have increased once，Relax or exemption of regulatory supervision of small and medium -sized banks，The fairness aimed at maintaining its compliance cost。Big Bank uses competitive advantages and builds a strong lobbying group，The advantageous position of obtaining regulatory rules through regulatory capture，The regulatory rules suitable for all banks means that smaller banks also need to pay compliance efforts。But，Instructions for the Incident of the Bank of America，Small and medium -sized banks have worse risk decentralization capabilities。Small and medium -sized banks have less opportunities for diversified operations，This lower degree of decentralization may lead to higher yield bet365 Play online games volatility and financial risks。

　　Market discipline and government rescue decision imbalance

US financial regulatory authorities have emphasized，Strengthening market discipline、Eliminate the correlation with the low cost of government hidden subsidies and the low financing cost of large banks。But in actual operation，The United States fails to fully clarify the border between market discipline and government assistance。Rescue attitude is unknown is not conducive to the establishment of market expectations and the relief of risk aversion，It is not conducive to the formation of market discipline。

US financial supervision emphasizes market discipline。First，In the diversified disposal framework of system importance agency，The United States only has a disposal mechanism without the European Union's recovery mechanism。Next，For the loose medium -sized bank，Regulatory authorities require the establishment of an internal risk committee，Prevent risk through its own internal risk control mechanism。Last，Regulatory policy clarifies the threshold threshold of asset scale that is automatically strengthened by step by step to automatically strengthen prudential supervision and personalized inspection.，Reduce market expectations that consider "too big but not pour"。

But actually，The key regulations of the Fed's relevant government assistance are not clear。On the one hand，The Fed's free tailoring is constantly suppressed。Disposable liquid rescue methods used by the United States in the international financial crisis，further destroying the constraints of market discipline，Subsequently, the "Dodd -Frank Act" has made certain restrictions on the Fed's free tailoring。On the other hand，The Federal Reserve is inspired by the incentives that bypass Congress and use more rescue tools。The rescue operation of the international financial crisis has brought more than $ 30 billion in profits bet365 best casino games to the Fed，and more rescue tools also help to make up for the shortcomings of unpredictable risks。The Fed has established an innovative bank regular financing plan (BTFP) for various types of deposit and loan institutions，If there is no profit loss in the future，You can make up for the negligence of the risk of the banking system in advance。

As far as the US Treasury Department is concerned，Can't clarify the commitment of deposit insurance limit。The biggest problem at present is，How to resolve the liquidity risk of deposit insurance limits to small and medium banks。In this incident，The US Department of Finance has continuously revised the commitment to provide deposit insurance for bankruptcy banks。On the one hand，deposit insurance limit problem may trigger liquidity risk，More guarantee actions of the Ministry of Finance requires the Ministry of Finance; on the other hand，Implement unlimited protection for all deposits，It means that the moral risk issues of deposits and banks and huge funds burden on the implementation insurance of related $ 9 trillion deposit。

To sum up，Although the United States is weighing costs and income、The relationship between development and security and market discipline and government rescue is reasonable，But there are problems that cause insufficient risk considerations and lead to imbalances in supervision，This is the inherent cause of the closure of small and medium banks in the United States and the continuous emergence of the surplus waves。Current，There is also a situation where deposits have continued to flow out of the United States banking system，The International Monetary Fund Organization said that as the financial environment is tightened，The vulnerability of non -bank financial institutions is gradually emerging。If the US financial regulatory authorities will not be corrected，Its financial system will still have bet365 live casino games other risks and fluctuations，Catalytic with external factors，Risk accumulation may occur and cause systemic risks。So，my country should pay close attention to the development of the situation，Prepare to deal with relevant risks。

(Author Unit: Institute of Finance of the Chinese Academy of Social Sciences)