Replication Data/Code for: "The Partisanship of Financial Regulators"

We analyze the partisanship of Commissioners at the SEC and Governors at the Federal Reserve Board. Using the language-based approach of Gentzkow, Shapiro, and Taddy (Econometrica 2019), we identify partisan phrases in Congress, such as “red tape” and “climate change,” and observe their usage among regulators. Although the Fed has remained relatively non-partisan throughout our sample period (1930-2019), we find that partisanship among SEC Commissioners rose recently to an all-time high, driven by more-partisan Commissioners replacing less-partisan ones. This recent partisanship at the SEC appears in both the language of new SEC rules and the voting behavior of SEC Commissioners.本研究针对美国证券交易委员会（SEC）委员与联邦储备委员会（Federal Reserve Board）理事的党派倾向展开分析。我们采用Gentzkow、Shapiro与Taddy发表于《计量经济学》（Econometrica）2019年的基于语言的分析方法，识别出美国国会中的党派性措辞，例如“繁文缛节”与“气候变化”，并观察监管者对这些措辞的使用情况。尽管在1930年至2019年的样本周期内，联邦储备委员会始终保持相对中立的立场，但我们发现，随着党派倾向更强的委员取代党派倾向较弱的委员，美国证券交易委员会委员的党派倾向近期攀升至历史峰值。美国证券交易委员会近期显现的党派倾向，同时体现在其新监管规则的措辞以及委员会委员的投票行为中。