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date: 17 September 2021

Abstract and Keywords

Government regulation and oversight is essential for a healthy market economy to function properly. Financial markets cannot self-regulate; this thesis has been consistently supported throughout U.S. history. Periods of lax regulatory oversight of the financial industry invite white-collar crime, culminating in widening financial disasters. Legislation, such as Dodd-Frank, repairing market stability responsive to financial scandals has been repealed or systemically weakened. Wall Street elites influence both elected officials and regulatory agencies to undermine regulation and enforcement. Powerful special interests engage in rent-seeking with Congress by promoting ideologies of deregulation and dominate any oversight legislation that is passed. Regulatory agencies charged with oversight are frequently subject to capture by the very corporations they are tasked with policing. This chapter identifies solutions such as breaking up too-big-to-fail corporations, scrutinizing the revolving-door culture, and implementing efficient civil and criminal enforcement mechanisms to avert financial crisis by creating meaningful oversight and enforcement.

Keywords: oversight, regulation, enforcement, white-collar crime, financial crisis, revolving door, deregulation, Dodd-Frank, too-big-to-fail, financial industry

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