금융감독체계의 건전성 강화 방안에 관한 연구 - 미국의 Dodd-Frank Act를 중심으로 -

Subsequent to the global financial crisis in 2008, many countries have been seeking measures to escape the credit crunch and economic depression and to improve the soundness of their financial industries. The Dodd-Frank Act of USA is a typical example. This act aims at improving the accountability and transparency of the financial market, keeping the financial industry sound, and protecting financial consumers. This study was focused on the key points in the reform of the financial supervisory system addressed by the Dodd-Frank Act, as well as on implications for the legislative system of South Korea. The Dodd-Frank Act led to the foundation of Financial Stability Oversight Council (FSOC), namely a new form of collegiate deliberative organ composed of a number of independent financial supervisory agencies, which is supervising the financial industry across the board. In addition, the Office of Financial Research (OFR) was founded in an attempt to monitor and regulate major financial companies, including non-bank financial institutions, that their unsoundness will not cause the systemic crisis of finance. Also in South Korea, there is the need to found a consultative body and a financial investigation agency. The former is to exchange information regarding the establishment and improvement of macro-prudential measures, and in cases where macro-prudential stability is jeopardized, it should coordinate policies that the problem can be solved at a proper time. The latter is to collect and analyze the related data. As regards the Dodd-Frank Act, the protection of financial consumers is integrated into the Consumer Financial Protection Bureau (CFPB). With strong authorities, CFPB principally takes charge of coping with the claims filed by financial consumers, collecting and announcing information on the risks of financial instruments and financial services that financial consumers use, and supervising financial business operators. In South Korea, the Financial Services Commission leads prudent finance supervision and soundness and financial consumer protection. Considering their regulatory goals, however, the two tasks need to be separated from each other. At this, a new organ is going to be founded to be fully in charge of protecting financial consumers, which should be given absolute independence in securing budget, revising or enacting laws and regulations, and enforcing laws including the regulation of business activities.