investing

Dodd-Frank Act

Financial laws and their namesakes
Dodd-Frank Act

Dodd-Frank Act

The enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 is the most far-reaching overhaul of financial reform since the Great Depression.

Named for its co-sponsors, Sen. Chris Dodd, a former lawmaker from Connecticut who now heads the Motion Picture Association of America, and Rep. Barney Frank of Massachusetts, the act was crafted to address concerns that were highlighted during the financial crisis of 2008.

Among the Dodd-Frank changes are increased oversight and supervision of financial institutions, a new resolution procedure for large financial companies, stringent regulatory capital requirements and changes to corporate governance and executive compensation practices.

The act also created the Consumer Financial Protection Bureau, which began operation in 2012. This new agency is responsible for, in part, implementing and enforcing compliance with consumer financial laws. In addition, the bureau also promotes increased consumer financial education.


 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

CDs and Investment

Move money to retirement account?

Dear Liz, Can I convert my regular investment account to a retirement account so that an investment made in that account is not taxed? If so, what type of retirement account can I choose? -- Jennifer Dear Jennifer, It's... Read more

advertisement

Blog

Sheyna Steiner

5 banks did very bad things

Five big banks are guilty of manipulating foreign exchange rates. They must pay some very big fines and the banks have promised to cease criminal activity.  ... Read more

Partner Center
advertisement

Connect with us