You are an adviser to a legislator who oversees the banking industry. During the global financial crisis in 2008–2010, several banks collapsed and private citizens lost much money. Problems arose largely due to inadequate or inappropriate regulation of the banking industry. In recent decades, however, an unrestricted global banking sector has produced numerous benefits. The relative absence of restrictions on international financial flows gave firms access to low-cost capital. The free flow of capital also provided much-needed funding to governments and entrepreneurs in poor countries. Aliberated world currency market greatly facilitated international trade. Nations benefit enormously from inward capital flows as portfolio investments. Given the pros and cons of a relatively unregulated global banking system, how would you advise the legislator? Are new regulations needed in the banking sector? If so, what types of regulations? Use the Ethical Framework in Chapter 5 to help formulate your answer.