Dodd-Frank Act

The Dodd-Frank Act, enacted in 2010 in response to the 2008 financial crisis, aims to improve financial regulation and protect consumers. It established stricter rules for banks and financial institutions, introduced measures to increase transparency, and created the Consumer Financial Protection Bureau (CFPB) to oversee financial products and services. The law seeks to prevent excessive risk-taking that could lead to another financial meltdown, promoting accountability and stability in the financial system, ultimately protecting consumers and the economy from future crises.