VOA标准英语2009年-US Regulators Want New Powers to Deal With Fina

America's top financial officials say they need broad new powers to regulate companies like insurance giant AIG, which are partly blamed for the country's financial crisis. Treasury¹ Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke testified before the House Financial Services Committee Tuesday.
　
Treasury Secretary Timothy Geithner, left, and Federal Reserve Chairman Ben Bernanke, testify on Capitol Hill in Washington, 24 March 2009

In recent weeks AIG and its multi-billion dollar taxpayer² bailout have become targets of public fury and frustration³. A once-successful titan in the insurance industry, AIG (American Insurance Group) became enmeshed in America's home mortgage meltdown by insuring questionable⁴ debt accrued⁵ by banks and other institutions around the world. After receiving more than $180 billion in emergency federal assistance to stave off collapse⁶, AIG recently gave top employees bonuses totaling $165 million - even as the company reported the biggest quarterly loss in U.S. corporate⁷ history.

Ire over the AIG debacle continued to smolder⁸ on Capitol Hill.

"Bonuses paid out by profitable companies to outstanding employees make sense," said Rep. Jeb Hensarling, a Texas Republican. "Taxpayer-funded bonuses paid out by failing companies that owe taxpayers⁹ money make no sense."

Some AIG executives have returned the bonuses they received, while Congress ponders legislation that would tax the bonuses at an exceptionally high rate.

President Barack Obama has expressed misgivings¹⁰ about the legislation, but he insists he shares in the public's outrage¹¹ over the AIG bonuses.

Treasury Secretary Geithner agreed that the bonuses are unconscionable, but said there was no practical way for him to block them. In addition, he said the government's options for dealing¹² with AIG's collapse were limited from the start.

"This is a tragic¹³ thing," said Geithner. "We came into this crisis without the authority and the tools necessary to contain the damage to the American economy posed by the very severe pressures working through the financial system."

As Geithner explained, the federal government has the power to take over and liquidate¹⁴ failed banks. But no such mechanism¹⁵ exists for non-bank financial institutions like AIG whose failure would inflict¹⁶ great economic pain on the nation as a whole. The treasury secretary listed the powers the government should possess going forward.
　
US Federal Reserve Chairman, Ben Bernanke

"To sell or transfer the assets or liability of the institution in question. To renegotiate or repudiate¹⁷ the institution's contracts and prevent certain financial contracts with the institution from being terminated on account of conservatorship or receivership," he said. "This proposed legislation would fill a significant void in the current financial services regulatory structure."

Some have asked why companies like AIG were not allowed to go bankrupt, rather than the government investing massive sums of taxpayer money to prop¹⁸ them up.

Federal Reserve Chairman Ben Bernanke said AIG's bankruptcy¹⁹ would have made a dire²⁰ financial crisis far worse, possibly turning an economic recession into a prolonged depression.

"Its failure could have resulted in a 1930s-style global financial and economic meltdown, with catastrophic implications for production, income and jobs," he said.

Several members of Congress, including Financial Services Committee Chairman Barney Frank, echoed Secretary Geithner's call for reform. The secretary promised to provide details of the plan in coming days.

1 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

2 taxpayer   

n.纳税人

参考例句：

• The new scheme will run off with a lot of the taxpayer's money.这项新计划将用去纳税人许多钱。
• The taxpayer are unfavourably disposed towards the recent tax increase.纳税者对最近的增加税收十分反感。

3 frustration   

n.挫折，失败，失效，落空

参考例句：

• He had to fight back tears of frustration.他不得不强忍住失意的泪水。
• He beat his hands on the steering wheel in frustration.他沮丧地用手打了几下方向盘。

4 questionable   

adj.可疑的，有问题的

参考例句：

• There are still a few questionable points in the case.这个案件还有几个疑点。
• Your argument is based on a set of questionable assumptions.你的论证建立在一套有问题的假设上。

5 accrued   

adj.权责已发生的v.增加( accrue的过去式和过去分词 )；（通过自然增长）产生；获得；（使钱款、债务）积累

参考例句：

• The company had accrued debts of over 1000 yuan. 该公司已积欠了1000多万元的债务。 来自《简明英汉词典》
• I have accrued a set of commemoration stamps. 我已收集一套纪念邮票。 来自《简明英汉词典》

6 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

7 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

8 smolder   

v.无火焰地闷烧；n.焖烧，文火

参考例句：

• The smolder will soon be a flame.闷火很快变为烈焰。
• It can smolder undetected for hours,then suddenly explode in fiery destruction.也有可能好几小时内不被发觉，突然激烈的爆炸。

9 taxpayers   

纳税人，纳税的机构( taxpayer的名词复数 )

参考例句：

• Finance for education comes from taxpayers. 教育经费来自纳税人。
• She was declaiming against the waste of the taxpayers' money. 她慷慨陈词猛烈抨击对纳税人金钱的浪费。

10 misgivings   

n.疑虑，担忧，害怕；疑虑，担心，恐惧( misgiving的名词复数 )；疑惧

参考例句：

• I had grave misgivings about making the trip. 对于这次旅行我有过极大的顾虑。
• Don't be overtaken by misgivings and fear. Just go full stream ahead! 不要瞻前顾后， 畏首畏尾。甩开膀子干吧！ 来自《现代汉英综合大词典》

11 outrage   

n.暴行，侮辱，愤怒；vt.凌辱，激怒

参考例句：

• When he heard the news he reacted with a sense of outrage.他得悉此事时义愤填膺。
• We should never forget the outrage committed by the Japanese invaders.我们永远都不应该忘记日本侵略者犯下的暴行。

12 dealing   

n.经商方法，待人态度

参考例句：

• This store has an excellent reputation for fair dealing.该商店因买卖公道而享有极高的声誉。
• His fair dealing earned our confidence.他的诚实的行为获得我们的信任。

13 tragic   

adj.悲剧的，悲剧性的，悲惨的

参考例句：

• The effect of the pollution on the beaches is absolutely tragic.污染海滩后果可悲。
• Charles was a man doomed to tragic issues.查理是个注定不得善终的人。

14 liquidate   

v.偿付，清算，扫除；整理，破产

参考例句：

• A unanimous vote was taken to liquidate the company.全体投票一致通过停业清理公司。
• They have not hesitated in the past to liquidate their rivals.过去他们曾毫不犹豫地铲除对手。

15 mechanism   

n.机械装置；机构，结构

参考例句：

• The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
• The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。

16 inflict   

vt.(on)把…强加给，使遭受，使承担

参考例句：

• Don't inflict your ideas on me.不要把你的想法强加于我。
• Don't inflict damage on any person.不要伤害任何人。

17 repudiate   

v.拒绝，拒付，拒绝履行

参考例句：

• He will indignantly repudiate the suggestion.他会气愤地拒绝接受这一意见。
• He repudiate all debts incurred by his son.他拒绝偿还他儿子的一切债务。

18 prop   

vt.支撑；n.支柱，支撑物；支持者，靠山

参考例句：

• A worker put a prop against the wall of the tunnel to keep it from falling.一名工人用东西支撑住隧道壁好使它不会倒塌。
• The government does not intend to prop up declining industries.政府无意扶持不景气的企业。

19 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

20 dire   

adj.可怕的，悲惨的，阴惨的，极端的

参考例句：

• There were dire warnings about the dangers of watching too much TV.曾经有人就看电视太多的危害性提出严重警告。
• We were indeed in dire straits.But we pulled through.那时我们的困难真是大极了，但是我们渡过了困难。