Dodd Frank Act

The Dodd-Frank Wall Street Reform and Consumer Protection Act, simply known as the Dodd-Frank Act, is a comprehensive and complex piece of financial reform legislation that includes 16 major areas of reform. Passed during the Obama administration in 2010 intended to prevent another financial crisis of 2008, it created several new agencies to oversee the regulatory process and implement certain changes. This Act enhanced the CFTC’s regulatory authority to oversee the more than $400 trillion swaps market, and generated financial regulatory processes to limit risk by enforcing transparency and accountability. The Dodd-Frank Act includes key provisions including financial stability, Consumer Financial Protection Bureau, The Volcker Rule, SEC Office of Credit Ratings, and Whistleblower program.