Business Ethics After the Global Financial Crisis

5Contemporary Laws and Regulation

An Argument for Less Law, More Justice

Ronald Duska^† and Tara Radin

Introduction

When societal problems occur, too often the tendency is to reach for a regulatory response. Perhaps, nowhere is this more evident than with the global financial crisis (GFC). The response in the United States was the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), signed into federal law in 2010. Although such a solution might satisfy the political demand for an immediate response, it does not necessarily improve banking or business. In fact, critics argue that Dodd-Frank has ended up creating new problems.

Dodd-Frank was initially greeted by a fanfare of positive attention. In the years that have followed, ...