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The United States is in the midst of the worst credit crisis in the last 25 years. On July 31, 2008, President Bush signed into law the Housing and Economic Recovery Act (HERA), a new law aimed at dealing with this crisis. The Act created a new regulatory agency, the Federal Housing Finance Agency (FHFA), and it authorized spending billions of dollars to back up the credit market. The purpose of this paper is to examine some of the causes of the credit crisis; and second, to propose regulatory solutions patterned after the Sarbanes-Oxley Act (SOX), which dealt with similar problems.
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