Alan Greenspan, the former Federal Reserve chairman, has attacked the Dodd-Frank financial reforms warning they could create the “largest regulatory-induced market distortion” in the US since the imposition of wage and price controls in 1971.

　　美联储(Fed)前主席艾伦·格林斯潘(Alan Greenspan)对多德-弗兰克(Dodd-Frank)金融改革进行了抨击，警告这些改革可能创造出美国自1971年实施薪资与价格控制措施以来“最严重的由监管引发的市场扭曲”。

　　In an article in today’s Financial Times that might encourage Republican attempts to unwind the law, Mr Greenspan says the reforms, passed by Congress last year, would be impossible to implement, distortive to markets and a possible threat to US living standards.

　　格林斯潘今天在英国《金融时报》发表文章，该文可能为共和党人撤销该法的努力提供鼓励。格林斯潘在文中表示，去年国会通过的改革法案是不可能执行的，会造成市场扭曲，并可能危及美国人的生活水平。

　　The Dodd-Frank legislation was the Obama administration’s response to the financial crisis, signalling a “re-regulation” of financial markets after the deregulation championed by Mr Greenspan in the 1990s.

　　 多德-弗兰克法案是奥巴马政府对金融危机作出的回应，标志着在上世纪90年代格林斯潘领导下市场管制放松之后，对金融市场“重新加强监管”。

　　In spite of the crisis, Mr Greenspan sticks to his guns, writing that regulators are ill-equipped for more intrusive supervision because they “can never get more than a glimpse at the internal workings of the simplest of modern financial systems” and that “with notably rare exceptions (2008, for example), the global ‘invisible hand’ has created relatively stable exchange rates, interest rates, prices, and wage rates”.

　　尽管爆发了金融危机，格林斯潘还是坚持自己的立场。他在文中写道，监管部门没有能力对市场进行更具侵入性的监督，因为他们“即便是对于最简单的现代金融体系的内部运转方式，也永远不可能超过浮光掠影的程度”，而且“除了罕见的一些特例（比如2008年的危机），全球那只‘看不见的手’一直创造了相对稳定的汇率、利率、价格与薪资水平”。

　　The light-touch regulation he favoured has gone out of fashion after the 2008 crisis and Mr Greenspan was criticised in January by Democratic appointees to the Financial Crisis Inquiry Commission.

　　他推崇的那种宽松监管风格已在2008年危机之后失势，今年1月，由民主党任命的金融危机调查委员会(Financial Crisis Inquiry Commission)对格林斯潘进行了批评。

　　Their report found that: “More than 30 years of deregulation and reliance on self-regulation by financial institutions, championed by former Federal Reserve chairman Alan Greenspan and others, supported by successive administrations and Congresses, and actively pushed by the powerful financial industry at every turn, had stripped away key safeguards, which could have helped avoid catastrophe.”

　　 委员会的报告指出：“在美联储前主席艾伦?格林斯潘等人的领导下，在数任美国政府和国会的支持下，在强势金融业处处积极的推动下，30多年来美国一直在执行宽松监管，并依赖金融机构的自我管制，这种做法卸除了金融市场的关键防护措施，而这些措施本有助于避免这场金融灾难发生。”

　　Mr Greenspan takes the opposite view to his predecessor at the Fed, Paul Volcker, who intervened in the financial reform debate to argue for tougher restrictions on the trading activities of banks.

　　格林斯潘与其前任保罗?沃尔克(Paul Volcker)持相反看法，沃克尔曾介入金融改革辩论，支持对银行的交易行为施加更严格的限制。

　　Mr Volcker famously said that the most useful financial innovation of the past 30 years was the automated teller machine.

　　沃克尔有句名言是，过去30年里最有用的金融创新是自动取款机。