Regulatory Measures Involving 1984 Sentencing Reform Act Essay

Total Length: 1028 words ( 3 double-spaced pages)

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Regulatory Measures

Events that led to implementation of various regulatory measures

The implementation of the 1984 Sentencing Reform Act called for the establishment of Federal Sentencing Guidelines for Organizations (FSGO). The United States Sentencing Commission decided to come up with these guidelines targeted at individuals and firms. The key aim was crime prevention and decreasing disparities in sentencing. (Mercer, 2003). At first, in the year 1991, the idea of organizational punishment mitigation was introduced, for cooperation and effective adherence to the program.

The 2002 federal regulation, SOX (Sarbanes-Oxley Act), put extensive financial and auditing related regulations in place for publicly-traded organizations. The chief goal was regulation of corporate practices like financial reporting at such corporations.

The Consumer Financial Protection Bureau (CFPB), instituted as part of the 2010 Consumer Protection Act and the Dodd-Frank Wall Street Reform, is responsible for the oversight of federal financial regulations expressly protecting consumers (i.e., individuals who store the money they own in credit unions and banks, use credit cards for purchasing services and goods, and purchase homes on loan) (Mercer, 2003).

The 1977 FCPA (Foreign Corrupt Practices Act) was implemented to forbid specific classes of individuals and groups from paying foreign governmental authorities to facilitate business acquisition or retention (Martin, Aaron Klein, & Justin Schardin, 2017).

The impact of these laws on business ethics

The FSGO, SOX, FCPA and CFPB have all had a range of impacts when it comes to business ethics, such as:
a) Establishment of suitable procedures and standards for preventing and identifying issues.

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b) Establishment of program supervision on the part of board members and other senior managers.

c) Demonstration of due diligence when it comes to persons to whom considerable discretionary power (with regard to the program) may be delegated.

d) Establishment of sound training and communications.

e) Establishment of an initiative for sound supervision, auditing and assessment of ethics and adherence, in addition to a well-publicized whistleblower hotline, incorporating procedures facilitating confidentiality or anonymity, by which the firm’s agents and employees can report or look for guidance with regard to actual or likely problems without expecting retaliation on the part of the organization.

f) Promotion and enforcement of the ethics and conformity initiative consistently all through the firm, via suitable disciplinary measures and incentives, for committing transgressions as well as not taking reasonable steps for transgression prevention or identification (Orin, 2008).

g) Adoption of reasonable steps for correctly responding to transgressions identified as well as prevention of similar behaviors in the future; this includes effecting required changes in the ethics and adherence initiative. It also encompasses a routine risk evaluation, followed by making changes to the ethics and conformity initiative, as required.

Summary of an article

Mercer, W. (2003). Assessing Compliance with the U.S. Sentencing Guidelines: The Significance….....

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References

Martin Neil Baily, Aaron Klein, & Justin Schardin. (2017). The Impact of the Dodd-Frank Act on Financial Stability and Economic Growth. RSF: The Russell Sage Foundation Journal of the Social Sciences, 3(1), 20.

Mercer, W. (2003). Assessing Compliance with the U.S. Sentencing Guidelines: The Significance of Improved Data Collection and Reporting. Federal Sentencing Reporter, 16(1), 43-51.

Orin, R. M. (2008). Ethical Guidance and Constraint Under the Sarbanes-Oxley Act of 2002. Journal of Accounting, Auditing & Finance, 23(1), 141-171.

Read, K. (2018, October 24). The Federal Sentencing Guidelines for Organizations (FSGO): Compliance and Ethics Program Ideas & Innovation | Convercent. Retrieved from https://www.convercent.com/blog/the-federal-sentencing-guidelines-for-organizations-fsgo-compliance-and-ethics-program-ideas-innovation

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"Regulatory Measures Involving 1984 Sentencing Reform Act", 12 November 2018, Accessed.29 March. 2024,
https://www.aceyourpaper.com/essays/regulatory-measures-involving-1984-sentencing-reform-act-essay