Excellent Regulators Seize Transformative Opportunities

What do the Federal Bureau of Investigation (FBI), an Australian insurance scandal, and a smoking advertisement have to do with one another? Each can offer insights into what distinguishes the “excellent” regulators of the world, according to John Braithwaite, a professor at Australian National University and the founder of the university’s RegNet program. In a new book, Braithwaite draws on the experiences of the FBI and an Australian consumer agency to describe what he deems the hallmark of regulatory excellence: the ability of regulators to seize opportunities that will transform industries or the public for good.  According to Braithwaite, regulators who fixate only on following rules cannot address society’s most pressing regulatory problems that need bold, creative solutions. The 9/11 World Trade Center attacks and the 2008 U.S. financial crisis demonstrate that inadequate regulatory responsiveness can be detrimental to society, writes…

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