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Role of government in controlling irresponsible management

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After the Enron, WorldCom, Arthur Anderson fiascos, and the effects that such major failures continue to have on the public trust everywhere, many advocate for an expanded role of the government in taming and controlling irresponsible management behavior. As an expert economist, members of Congress have asked you, speaking strictly from an economic and/or financial viewpoint (and not a political/social one) should the government have an expanded role? Why or Why not? Also address the role of the SEC and other regulatory/enforcement agencies.

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From an economic and financial viewpoint, the government should have an expanded role in controlling irresponsible management behavior. We have seen that the effects from Enron, WorldCom, and Arthur Anderson have been spread and affect the economy of the related parties. Economic wealth has been reduced dramatically ...

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