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Wasting a CrisisWhy Securities Regulation Fails$
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Paul G. Mahoney

Print publication date: 2015

Print ISBN-13: 9780226236513

Published to Chicago Scholarship Online: September 2015

DOI: 10.7208/chicago/9780226236650.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 30 July 2021

The Old Is New Again

The Old Is New Again

Securities Reform in the Twenty-First Century

Chapter:
(p.149) Chapter Eight The Old Is New Again
Source:
Wasting a Crisis
Author(s):

Paul G. Mahoney

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226236650.003.0008

Both the Sarbanes-Oxley Act of 2002, adopted in the wake of the Enron bankruptcy and tech stock collapse, and the Dodd-Frank Act of 2010, enacted in response to the 2007-08 financial crisis, have been analogized to the New Deal securities reforms. This chapter highlights an important but unappreciated respect in which the analogy is valid. Each reform was motivated by Congress’s desire to avoid blame for a financial crisis. Each was shaped by regulators and non-government actors who sought to use the crisis to achieve goals that they had been politically unable to achieve in the past. Like the New Deal securities laws, SOX and Dodd-Frank will likely increase concentration and decrease competition in the affected markets.

Keywords:   Dodd-Frank, Enron, financial crisis, Sarbanes-Oxley

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