Frank-Dodd Act

The Dodd-Frank Act, enacted in 2010, is a comprehensive financial reform law aimed at reducing risks in the U.S. financial system following the 2008 crisis. It increased oversight of banks and financial institutions, established the Consumer Financial Protection Bureau to protect consumers, and introduced safeguards to prevent practices that could lead to economic instability. The act also promotes transparency, accountability, and stability in financial markets, ensuring that big financial firms are better monitored and that taxpayers are less likely to bail out failing institutions. Overall, it seeks to create a safer and more responsible financial environment.