Final answer:
Chris Hoofnagle advocated for disclosure requirements to promote transparency in the financial sector. Such requirements became law in the 1990s, aiming to prevent financial crises by ensuring bank supervisors published their findings.
Step-by-step explanation:
Chris Hoofnagle proposed disclosure requirements for lenders, organizations that control access to accounts, specifically in the context of lobbying efforts and financial transparency.
In the 1990s, the U.S. government enacted legislation mandating that bank supervisors make their findings public and take immediate action upon identifying issues within banks.
This was to increase transparency and address issues before they could lead to larger financial losses, as seen during the recession of 2008-2009.
Despite these regulations, there were still significant criticisms directed towards bank regulators for not anticipating the financial instability of banks before the recession hit.