Nothing exposes the chasm between the activist wing and the donor class of the Democratic Party like the regulation of Wall Street.

最能曝露民主党行动主义者和捐款人阶层之间鸿沟的东西，莫过于对华尔街的监管政策。

The desire to assail too-big-to-fail-banks energizes the left and has propelled Senator Elizabeth Warren and the presidential campaign of Bernie Sanders. But some of the party’s most prodigious donors come from the financial industry and don’t much care for its vilification. And Bill Clinton’s administration oversaw the deregulation on Wall Street.

对“大到不能倒”的银行施以痛击的热望激励着左翼人士，推动了参议员伊丽莎白·沃伦(Elizabeth Warren)的行动，以及伯尼·桑德斯(Bernie Sanders)的总统竞选。但是党内不少大手笔的捐助者来自金融业，他们可不喜欢这种诋毁。而对华尔街管制的放松发生在比尔·克林顿(Bill Clinton)执政时期。

All that makes the question of how Hillary Clinton would regulate the financial sector a crucial test of her campaign to win the Democratic nomination. With a plan that is to be released Thursday, we get a first glimpse of how she walks that balance beam.

由于这些因素，希拉里·克林顿(Hillary Clinton)在监管金融机构上的主张对她的竞选构成了重大考验。从本周四公布的一个计划中，我们首次看到了她将采用何种方式来走这段平衡木。

The short version: Directionally, Mrs. Clinton favors more intensive regulation of Wall Street than what is in place now. Bank executives and lobbyists will find little to like in her plan. But her approach stops short of the wholesale breakup of too-big-to-fail banks favored by Mr. Sanders and Mrs. Warren. She would prefer instead to take the philosophical approach embodied in the 2010 Dodd-Frank financial reform act a few steps further.

简而言之：在大方向上，克林顿倾向于对华尔街采取比现在进一步收紧的监管方式。银行高管和游说者不会喜欢她的计划。但桑德斯和沃伦那种把“大到不能倒”的银行大卸八块的主张，也不是她的做法。克林顿希望沿用2010年多德-弗兰克(Dodd-Frank)金融改革法案中体现的那种思路，在行动上向前推进几步。

Mrs. Clinton proposes changes that would put stiff new costs on the largest banks and give regulators greater power to break up an institution they view as too sprawling and risky. But her plan does not envision a return to the era of the Glass-Steagall Act, the 1930s law requiring commercial banking and investment banking to remain separate. It was reversed by Congress during the Bill Clinton administration (an action that had less to do with the global financial crisis than many liberal activists would suggest).

克林顿的改革提议将给大银行新增一些高昂的费用，并赋予监管机构更大的权力，让他们可以拆分他们认为过于庞大、风险太高的银行。但她没有打算恢复20世纪30年代的《格拉斯-斯蒂格尔法》(Glass-Steagall Act)。该法律要求商业银行和投资银行保持独立，但在比尔·克林顿执政时期，它遭到国会更改（此举与全球金融危机之间的关系，并不像自由派活动者所说的那么大）。

Rather, her plan focuses on a series of changes to incentivize the biggest banks to shrink and simplify. It looks to reform markets that may be obscure to the general public but were actually key nodes in the 2008 global financial crisis. In particular, it concentrates on the multi-trillion dollar securities lending and repurchase market, which is a crucial piece of the world’s financial plumbing.

相反，她的计划侧重在一系列变化上，目的是激励大银行收缩规模和简化业务。它试图改革的这些市场可能对于一般民众来说不太熟悉，但其实却是2008年全球金融危机的关键节点。该计划尤其聚焦在证券借贷和回购市场上，这个数万亿美元规模的市场是全球金融管道中的重要一环。

The Dodd-Frank law gave regulators a broad range of powers to oversee “systemically important” institutions. Combined with new international capital rules and more aggressive enforcement of corporate lawbreaking, it has made it more expensive than ever to be a sprawling global megabank. Giant banks like JPMorgan Chase and Citigroup were left to decide on their own whether to respond to those costs by slimming down, such as by selling or shutting down business units.

多德-弗兰克法案赋予监管机构更广泛的权力，来监督“系统重要性”机构。再加上新的国际资本规定，以及针对公司违法行为展开更积极的执法活动，大型全球性银行巨头现在的成本比以往任何时候都更加高昂。面对这样的成本，像摩根大通(JPMorgan Chase)和花旗集团(Citigroup)这样的巨头需要自己做出决定，是否要通过出售或关闭业务部门等方式来缩减规模。

If Mrs. Clinton is elected president and gets her way — some of her ideas could be executed through regulatory fiat, others would require legislation — the incentive to slim down would be that much greater.

如果克林顿当选总统，并且按这个计划采取行动——她的一些想法可以通过监管法令来执行，另一些就需要进行立法——推动银行缩减规模的力度就会加大到这种程度。

Here are the key elements of her plan.

以下是她计划中的几个要素。

A new “risk fee” on the largest financial firms. The biggest banks, insurers and other mega-financial firms already face greater oversight than their smaller rivals under the Dodd-Frank Act. Mrs. Clinton proposes taking that notion a step further by requiring a significant new fee, payable to the United States Treasury, for those very large firms that are potentially risky. Interestingly, its level is not determined by the size of a firm per se, but by the amount it relies upon volatile short-term funding to finance its operations.

向大型金融机构收取新的“风险费”。多德-弗兰克法案已经让大型的银行、保险等金融机构面临着比中小型竞争对手更多的监督。克林顿提议在这方面更进一步，要求金融巨头向美国财政部支付大笔新增费用，因为这些巨头存在潜在风险。有趣的是，费用标准不是由公司本身的规模决定的，而是取决于公司依赖多少不稳定的短期资金来运转。

So, for example, Wells Fargo has about twice the assets of Goldman Sachs, but primarily funds itself with bank deposits and engages in relatively plain consumer and business lending. A more complex firm like Goldman, which relies more heavily on fast-moving capital markets for funding, would thus have more to fear from the risk fee.

例如，富国银行(Wells Fargo)的资产大约是高盛(Goldman Sachs)的两倍，但主要通过银行存款运转，提供相对简单的消费者和企业贷款。像高盛这样比较复杂的公司严重依赖快速发展的资本市场运转，因此更害怕缴纳风险费。

Mrs. Clinton’s proposal does not detail the exact scale or structure of the fee, which would require legislation. She envisions it as being substantial enough to have a meaningful impact on banks’ decision making. In other words: billions, not millions, of dollars.

克林顿的提议没有详细说明风险费的精确数额和构成，这需要通过立法确定。按照她的预想，数额要足以对银行的决策产生重要影响。换句话说：会是数以十亿美元计，而不是数百万美元。

Give regulators more power to break up financial firms. For all the discussion of whether to break up the too-big-to-fail banks in recent years, the actual legal tools that regulators have to do so are limited. Mrs. Clinton proposes granting regulators more explicit power to demand a firm downsize or break up. A campaign fact sheet adds that Mrs. Clinton “would appoint regulators who would both use these new authorities and the substantial authorities they already have to hold firms accountable.”

赋予监管机构更多拆分金融公司的权力。近年来就拆分“大到不能倒”的银行有很多讨论，但监管机构实际能够利用以达到上述目标的法律手段很有限。克林顿提议给予监管机构更为明确的权力，用以要求公司缩小规模或进行拆分。一份竞选情况通报还提到，克林顿“会指定监管机构，它们会通过行使新权力及已经拥有的大量权力来追究公司的责任。”

Dodd-Frank requires that major banks prepare “living wills” that describe the legal details of how they would be unwound in the event of a failure. But this proposed legislation would instead grant regulators more power to determine that, for example, a bank that had repeated major ethics scandals might just be too sprawling and complex to manage and therefore could endanger financial stability.

多德-弗兰克法案要求大型银行准备“生前遗嘱”，说明有关破产时如何拆分的法律细节。但这项立法提案会给予监管机构更多做出判断的权力，例如，判定一家多次陷入重大操守丑闻的银行可能过于庞大和复杂，难以控制，因此可能会危及金融稳定。

Regulate “shadow banking” more intensively. While the public debate about financial reform has concentrated on the too-big-to-fail banks, in many ways a bigger driver of the 2008 financial crisis was the “shadow banking” sector — segments of the financial system that resemble banks in important ways but are not regulated like them. It includes money market mutual funds, hedge funds and some parts of the insurance industry.

加强对“影子银行”的管理。虽然有关金融改革的公开辩论主要围绕“大到不能倒”的银行展开，但从很多方面来看，2008金融危机的主要推动力是“影子银行”——该金融系统领域在一些重要方面与银行类似，但没有受到与它们类似的监管。它主要包括金融市场共同基金、对冲基金及部分保险业。

Her plans for addressing risks in those segments of the shadow banking system are still relatively vague, but she has more specifics on the securities lending and repurchase system, which was a key channel through which the failure of Lehman Brothers and near-failure of the insurer A.I.G. endangered the global financial system in 2008.

克林顿有关解决影子银行系统领域的风险的计划仍旧相对模糊，但有关证券借贷及回购制度的计划比较明确，2008年，雷曼兄弟(Lehman Brothers)的破产和保险公司美国国际集团(AIG)的几近破产，正是通过这一关键途径危及全球金融体系。

Mrs. Clinton calls for new international rules governing disclosure, margin and collateral requirements to try to make a failure of one global bank or insurer less likely to endanger the entire world economy. These are changes that are likely to take place through regulatory action rather than legislation.

克林顿要求出台新的国际规定，管理公司披露、保证金和抵押要求，设法降低全球银行或保险公司的破产危及全球经济的可能性。与立法相比，这些变化更有可能通过监管行动实现。

With the first Democratic debate taking place next week, the stage is set for financial reform to be a major area where Mrs. Clinton and Mr. Sanders can clash.

民主党的第一轮辩论将于下周开始，届时金融改革将成为克林顿和桑德斯的一个主要辩论话题。