Wall Street and the administration of Barack Obama have often had a fraught relationship since the financial crisis, during the negotiation of the 2010 Dodd-Frank legislation and its aftermath.

金融危机以来，华尔街和巴拉克·奥巴马(Barack Obama)政府的关系经常不和谐，尤其是2010年多德弗兰克法案(Dodd-Frank)协商期间以及在那之后的日子。

But for the schism to extend to US negotiating objectives in looming trade negotiations with the EU is unusual. It has put American banks in the strange position of backing Brussels’ approach to the talks rather than Washington’s.

但如果这种分裂蔓延到美国在即将与欧盟(EU)举行的贸易谈判中的谈判目标，那就不正常了。这种分裂目前使美国银行业处于支持欧盟而不是美国的奇怪立场。

“The US Treasury is resisting any kind of regulatory discussion [and] everyone else is aligned on the other side,” said a US banking executive. “The Europeans consider it to be a priority and they’re unified.”

美国银行业的一位高管说：“美国财政部(US Treasury)拒绝任何监管探讨，但其他各方都站在相反的立场上。欧洲认为这是重点之一，而且他们在这点上是团结的。”

Tony Fratto, a former US Treasury official under George W Bush, now a partner at Hamilton Place Strategies, a consulting group, said the traditional view adopted by the US Treasury had always been that the more rules could be harmonised, the better.

乔治·W·布什(George W Bush)时期的美国财政部官员、现在是咨询公司Hamilton Place Strategies合伙人的托尼•弗拉托(Tony Fratto)指出，美国财政部传统观点一贯认为统一的规则越多越好。

“Treasury has always fought to have financial chapters because it is beneficial to have them,” he said.

他说：“财政部向来争取金融规则，因为有这些规则是有益的。”

The dispute comes amid increased transatlantic regulatory tensions over Washington’s moves to insist US rules should trump those in other jurisdictions, most controversially with regard to derivatives and requirements for foreign banks.

这场纠纷暴露之际，华盛顿方面对于美国规则应该优于其他区域的坚持（最具争议性的就是关于衍生品和对外国银行的要求），加剧了跨大西洋监管的紧张。

Proponents of a financial component to the trade talks with the EU say that a mechanism for mutual recognition of different regulatory standards, or a system to mediate disputes, could help ease recent friction.

倡导在与欧盟的贸易谈判中纳入金融内容的人认为，不同监管标准的相互认可机制，或者调解纠纷的体系，可能有助于缓解近期的摩擦。

The Obama administration has been deeply sceptical of this approach, worrying that it could be used as a mechanism to halt and undermine financial reform on both sides of the Atlantic.

奥巴马政府一直深切怀疑这种立场，担心这可能被用作阻止和削弱美欧金融改革的机制。

In May, Lael Brainard, the Treasury undersecretary for international affairs, told Congress that US banks competing globally would benefit from the administration’s approach, not be hurt by it.

5月份，财政部国际事务副部长拉尔•布雷纳德(Lael Brainard)告诉国会，奥巴马政府的立场会对美国银行业的全球竞争有利，而不是有害。

“Our focus . . . is to not give our European counterparts any excuse to slow down the implementation that they have already committed to in areas like bank capital, on resolution, on cross-broder derivatives, or clearing,” she said. “We want to make sure that we see implementation on timeframes that will put our players, our market participants on a level playing field.”

她说：“我们不能给欧洲同行任何理由来放慢他们在银行资本、清盘、跨境衍生品或者结算等领域已经承诺的实施。我们希望确保看到按照时间框架的实施，使得我们的参与人、市场参与者有一个公平的竞争平台。”

Wall Street rejects that view.

华尔街拒绝接受这样的观点。

“There’s a sense incorrectly that the US is the only jurisdiction that is moving forward with new financial regulations and that other countries can’t be trusted to adopt regulations similar to the US and yet the Europeans have and are,” said Ken Bentsen, president of the Securities Industry and Financial Markets Association, a top US financial services lobby group.

美国金融服务主要游说组织——证券行业与金融市场联盟(Securities Industry and Financial Markets Association)主席肯•本特森(Ken Bentsen)说：“人们的一个错误看法是，美国是唯一在推进新的金融法规的法律管辖区，不能相信其他国家也在落实与美国类似的法规，然而欧洲一直并且仍在这么做。”

“Somehow you want to enter into a trade agreement across all these sectors . . . and yet one side is saying, ‘we don’t trust you on that, or we don’t believe you are developed at the appropriate stage’. That’s hard to believe and not a very credible argument in our view.”

“你希望达成一个覆盖所有行业的贸易协定，但其中一方却说，‘我们在这方面不信任你们，或者我们并不认为你们已经发展到合适的阶段。’这是很难相信的，在我们看来，这种说法不太可信。”

Brussels insists not including financial regulation amounts to “financial protectionism”. The failure to co-operate, said Nadia Calviño, a leading EU official handling financial services, would result in a “tower of Babel” of overlapping and occasionally conflicting financial rules.

欧盟坚持认为，不包含金融监管就相当于“金融保护主义”。主管金融服务的欧盟高级官员纳迪娅•卡尔温诺(Nadia Calviño)认为，不能合作将导致重叠且偶尔相互抵触的金融规则，形成各自为政的局面。

Brussels’ goal, backed enthusiastically by the UK, is to agree a solid system of “equivalence”, where rules are convergent enough to allow regulators to trust each other to enforce them in their own patch.

英国非常支持的布鲁塞尔的目标就是达成一个“对等的”坚实体系，使规则具有足够的融合度，让监管机构彼此信任并在各自的地盘上执行规则。

European officials do not think the trade negotiations should be used to tackle all the contentious issues. Instead, a UK official said, the negotiations should aim “to put in place a framework for greater regulatory coherence and dispute resolution for the future”.

欧洲官员认为，不应该将贸易谈判用来处理所有争议问题。相反，正如一位英国官员所说的那样，贸易谈判应该以“为未来形成一个更有监管连贯性和争端解决的框架”为目标。

Martin Baily and Douglas Elliott, two economic policy analysts at the Brookings Institution, a Washington think-tank, have added their voice to the calls for the inclusion of financial regulation in the talks.

华盛顿智库布鲁金斯学会(Brookings Institution)的两位经济政策分析师马丁•巴里(Martin Baily)和道格拉斯•艾略特(Douglas Elliott)也赞同应该在谈判中纳入金融监管。

At a recent conference organised by Bruegel, a Brussels think-tank, Mr Elliott said the US Treasury seemed concerned that “financial stability would be traded for beef quotas”.

在布鲁塞尔智库布鲁盖尔研究所(Bruegel)最近举办的一次会议上，艾略特说，美国财政部似乎担忧“金融稳定会被用来交换牛肉配额”。

But all of those voices are coming up against domestic political pressures for the Obama administration to hold the line on the exclusion of financial regulation.

但在所有这些声音的另一面，是要求奥巴马政府坚持排除金融监管的国内政治压力。

Democratic politicians, such as Sherrod Brown, the Ohio senator, and Maxine Waters, the California congresswoman and her party’s top member on the House financial services committee, have asked the Obama administration to stick to its guns. So too have liberal lobby groups.

民主党政界人士，如俄亥俄州参议员谢罗德•布朗(Sherrod Brown)和众议院金融服务委员会民主党一号人物、加州众议员玛克辛•沃特斯(Maxine Waters)，都希望奥巴马政府坚持自己的立场。自由派游说组织也是这么认为的。

“Sensitive financial regulations should not be determined, much less dismantled, by a small group of unelected trade negotiators who are being advised by the very banks that led us into financial crisis,” said Ben Beachy, research director at Public Citizen’s Global Trade Watch, a liberal group.

自由派的公民组织(Public Citizen)全球贸易观察项目(Global Trade Watch)研究主管本•比奇(Ben Beachy)说：“敏感的金融法规不应该由一小群非选举产生的贸易谈判者决定，更不能被他们解除，向这些人提供建议的，正是那些曾让我们陷入金融危机的银行。”

“The Obama administration must make clear that financial stability safeguards are not up for negotiation.”

“奥巴马政府必须明确，金融稳定保障没有谈判余地。”