The Dodd–Frank
Wall Street Reform and Consumer Protection Act (commonly
referred to as Dodd-Frank)
was signed into federal law by President Barack Obama on July 21, 2010. Passed as a response to the Great Recession, it brought the most significant changes to financial regulation in the United
States since the regulatory reform that followed the Great Depression. It
made changes in the American financial regulatory environment that affect all
federal financial regulatory agencies and almost every part of the nation's
financial services industry.
As with other major financial
reforms, a variety of critics have attacked the law, some arguing it was not
enough to prevent another financial crisis or more bailouts, and others arguing
it went too far and unduly restricted financial institutions.
On December 2, 2009,
revised versions were introduced in the House of Representatives by then Financial Services Committee Chairman Barney Frank, and in the Senate Banking
Committee by former
Chairman Chris Dodd. Due to their involvement with the bill, the conference committee that
reported on June 25, 2010 voted to name the bill after the two
members of Congress.
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