These rules mirrored the tenets of liberal market-oriented capitalism and policies of the then Ronald Reagan and Margaret Thatcher governments which, were strong promoters of capitalism and neo-liberal ideology. Neoliberal ideology derived its tenets from the work of 18th century Economist, Adam Smith, who advocated free trade among nations as a way of promoting global growth.
Implementing management reports on internal controls comparable to those required under SarbanesOxley and FDICIA 112 can also assist community bank boards of directors and audit committees in obtaining a better understanding of the controllable risks within the bank and the quality of the controls in place over those risks.