The Dodd-Frank Wall Street Reform and Consumer Protection Act

The Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in 2010, was a response to the 2008 financial crisis. It aims to make the financial system safer by implementing stricter regulations on banks and financial institutions, promoting transparency in financial markets, and protecting consumers from unfair practices. Key components include the establishment of the Consumer Financial Protection Bureau, which oversees financial products and services, and measures to prevent risky behaviors in banking, such as excessive trading. Overall, the law seeks to reduce the likelihood of future economic crises and enhance consumer protections in financial dealings.