Dodd-Frank Wall Street Reform and Consumer Protection Act

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) is a United States federal law enacted in 2010 in response to the 2007–08 financial crisis. It was signed into law by President Barack Obama on July 21, 2010, and is intended to reform the financial regulatory system in the United States.

The Dodd-Frank Act is named after its two main sponsors, Senator Christopher Dodd (D-CT) and Representative Barney Frank (D-MA). It was passed with bipartisan support, and was signed into law with the support of President Obama.

The Dodd-Frank Act is a comprehensive piece of legislation that addresses a wide range of issues related to the financial system. It includes provisions that:

* Increase regulation of financial institutions, including banks, investment banks, and insurance companies.
* Create new consumer protection regulations.
* Promote financial stability.
* Improve oversight of the financial system.

The Dodd-Frank Act is a complex law, and it has been implemented in stages over time. The full impact of the law is still being debated, but it is generally seen as a significant step forward in the regulation of the financial system.

Here are some of the key provisions of the Dodd-Frank Act:

* The law creates a new Financial Stability Oversight Council (FSOC) to oversee the financial system and identify risks to financial stability.
* The law establishes new capital requirements for banks and other financial institutions.
* The law creates new consumer protection regulations, including a new Consumer Financial Protection Bureau (CFPB).
* The law reforms the regulation of over-the-counter derivatives.
* The law creates a new Office of Credit Ratings (OCR) to oversee credit rating agencies.

The Dodd-Frank Act is a significant piece of legislation that has had a major impact on the financial system. It is still too early to say definitively what the full impact of the law will be, but it is clear that the Dodd-Frank Act is a major step forward in the regulation of the financial system.