Experts Urge Greater Regulation of Financial Markets
美专家敦促国会切实改革金融市场
Economic experts appearing at a congressional hearing have urged lawmakers to carry out substantial but carefully planned financial market and institutional reforms. A House of Representatives committee held an all-day hearing Tuesday on the subject, one of a series of examinations of the U.S. financial crisis.
参加国会听证会的经济专家敦促国会议员推行一项有实质内容、但又细心计划的金融市场和机构改革。国会众议院一个委员会星期二就经济议题举行了一整天的听证，这是一系列有关审视美国金融危机所进行的听证会之一。
Majority Democrats have repeatedly underscored their intention to legislate major changes to impose greater regulation on financial markets when a new Congress convenes next year.
国会多数党民主党已经多次强调他们打算在国会明年会期开始时，对金融市场加大规范的力度。
The hearing of the House Financial Services Committee covered numerous complex aspects of the sub-prime mortgage-based financial crisis, and the role played by complicated financial instruments.
众议院金融服务委员会的听政会涉及的范围广泛，包括与由次级贷款引发的金融危机相关的繁杂的方方面面，以及复杂的金融工具在其中所起的作用。
Experts and lawmakers debated root causes, but agreed that further action is required. To accomplish that, Democrats and Republicans will have to agree on a way forward.
专家和议员在问题的根源上有争议，不过都同意应采取更进一步的行动。民主党和共和党需要统一意见才能做到这一点。
As of now, there is strong bipartisan agreement on the need to throughly examine how the crisis came about, to perform an autopsy as one lawmaker called it, as well as steps to ensure it does not recur.
目前，两党之间已经产生了强有力的一致的看法，就是需要彻底了解这次危机是怎么产生的，并采取一位议员所说的解剖式的检验，进而采取步骤保证危机不再发生。
Here are Pennsylvania Democrat Paul Kanjorski, and New Jersey Republican Scott Garrett:
来自宾夕法尼亚的民主党议员保尔·坎乔斯基和来自新泽西州的共和党议员斯格特·加勒特这样说：
KANJORSKI: "We have reached a crossroads. Because our current regulatory regime has failed we now must design a robust, effective, supervisory system for the future."
“我们到了十字路口。因为我们现有的监管制度已经失败了。所以我们现在必须为 将来设计出有力、有效、有监督作用的体系。”
GARRETT: "It's important that we work in a bipartisan fashion to move forward to ensure that we put in place the property regulatory framework to allow our economy to grow again."
“重要的是两党要以合作的方式向前迈进，确保我们能将财产管理框架确定下来，以使我们的经济再度得以增长。”
But there are differences in approach as many Republicans voice opposition to any future over-regulation of markets.
但是他们在方式上有不同意见。很多共和党人发出了反对的声音，不同意未来对市场进行任何过度监管。
Alabama Republican Spencer Bachus, and Georgia's Tom Price:
来自阿拉巴马的共和党议员斯潘塞·巴克斯和来自乔治亚州的汤姆·普莱斯这样说：
BACHUS: "We need, I think number one, to realize there are limits on what government can do to intervene in this market process."
“我认为，首先我们要认识到，政府在干预市场过程中能起的作用是有限的。”
PRICE: "What is taking place is truly unprecedented. Direct federal intervention in individual mortgages, broad over-reach by the Federal Reserve, unlimited use of taxpayer dollars and steps to nationalize banks. These steps are in their totality, I fear, an assault on American principles and on capitalism itself."
“目前发生的确实是前所未有的：联邦政府直接对个人的房屋贷款进行干预，过度使用联邦储备金，没有节制地使用纳税人的钱，还有将银行国有化等。我担心，这是对美国准则的攻击，是对资本主义本身的侵犯。”
Experts stressed that where financial market reform is concerned the question is not one of too much or too little, but the most effective way to carry it out.
专家强调说，就金融市场改革来说，不是一个太多或者太少的问题，而是如何以最有效的方式来执行的问题。
Joseph Stiglitz, the 2001 Nobel economics prize laureate, is a strong proponent of an active government role:
2001年的诺贝尔奖经济学奖获得者约瑟夫·施蒂格利茨强烈支持政府扮演积极的角色。
"The de-regulatory philosophy that has prevailed during the past quarter century has no grounding in economic theory nor historical experience," said Joseph Stiglitz. "Quite the contrary, modern economic theory explains why the government must take an active role especially in regulating financial markets."
他说：“过去20多年间盛行的去监管哲学既没有经济理论依据，也不具备历史的经验。恰恰相反，现代的经济理论解释了政府为什么必须扮演积极的角色，特别是在管理金融市场方面。”
Key priorities, Stiglitz argues, should be broader reform of financial corporate governance, and protection for American homeowners as the U.S. economy slides deeper into recession.
Manuel Johnson, a noted financial accounting expert, argues for a cautious approach that would not, as he puts it, role back the gains made in the U.S. financial system:
著名金融财会专家曼纽尔·约翰逊强调说，应该谨慎行事，不应让美国金融体系取得的成果出现倒退。
"From my perspective, permanent government control over the credit allocation process is economically inefficient and potentially, even more unstable," said Manuel Johnson.
他说：“我的观点是，政府对信用分配过程的永久控制在经济上来说是效率低下的，甚至很可能是更不稳定的。”
Joel Seligman of Columbia University says members of Congress must distinguish between emergency legislation, such as the more than $700-billion rescue package approved recently, and longer-term efforts. He urges lawmakers to organize and streamline their investigations:
"I would strongly urge each house of Congress to create a select committee similar to that employed after September 11th [2001], to provide a focused and less contentious review of what should be done," said Joel Seligman.
Economist Alice Rivlin urges lawmakers to, as she puts it, check their philosophical slogans at the door as they go to work on what she calls a difficult and painstaking job:
经济学家艾利丝·里夫林敦促国会议员在开始着手做这个她称之为艰难的工作前，放下各自的哲学口号。
"Too many attempts to re-think regulation of financial markets in recent years have been de-railed by ideologues shouting that regulation is always bad or alternatively that we just need more of it," sid Alice Rivlin.
他说：“最近这些年来，有太多关于金融市场管理的再思考已经被那些理论家们叫嚷的要么是监管总是有害的，或者需要更多监管的论调搞得偏离了轨道。”
Tuesday's House hearing was one of several that congressional committees are holding on the financial crisis ahead of the U.S presidential election on November 4.
众议院星期二举行的这个听证会是11月4号美国总统大选前，由几个国会委员会就金融危机举行的几个听证会之一。
