Reform in retreat: The media, the banks and the attack on Dodd-Frank

Adam Cox

Reform in retreat: The media, the banks and the attack on Dodd-Frank

Centre for Research in Arts and Creative Exchange

Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review

Abstract

This chapter examines the media’s role in the introduction of the Dodd-Frank Act in the United States, a law aimed at regulating the excesses of the financial sector after the global financial crisis. It considers the interplay between politics and lobbying, and the sources that journalists rely on to cover an important subject that historically has garnered little attention from the public. In a broader sense, it investigates how the media may have played a role in the United States in helping the prevailing market-oriented policy paradigm survive the 2008 global financial crisis. The chapter suggests that attempts to forge a new paradigm, one predicated on the need for government regulation, were short-lived, and that the media remained receptive to arguments for deregulated markets despite the most cataclysmic crisis since the 1930s. This notion of paradigm survival is vital in understanding media behaviour; it may have implications for agenda-building theory in the low-salience world of financial policy.

Original language	English
Title of host publication	The Media and Austerity
Subtitle of host publication	Comparative Perspectives
Editors	Laura Basu, Steve Schifferes, Sophie Knowles
Place of Publication	London
Publisher	Routledge
Chapter	13
Number of pages	13
ISBN (Electronic)	9781315178912
Publication status	Published - 17 Apr 2018

Cite this

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abstract = "This chapter examines the media{\textquoteright}s role in the introduction of the Dodd-Frank Act in the United States, a law aimed at regulating the excesses of the financial sector after the global financial crisis. It considers the interplay between politics and lobbying, and the sources that journalists rely on to cover an important subject that historically has garnered little attention from the public. In a broader sense, it investigates how the media may have played a role in the United States in helping the prevailing market-oriented policy paradigm survive the 2008 global financial crisis. The chapter suggests that attempts to forge a new paradigm, one predicated on the need for government regulation, were short-lived, and that the media remained receptive to arguments for deregulated markets despite the most cataclysmic crisis since the 1930s. This notion of paradigm survival is vital in understanding media behaviour; it may have implications for agenda-building theory in the low-salience world of financial policy.",

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