The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) is considered the most wide-ranging piece of financial regulation in the US since the Great Depression.
It was introduced in 2010 in response to the 2008 global financial crisis to eliminate various risks across America’s wider financial system.
The aim of the regulation is to promote the financial stability of the United States by:
- Improving accountability and transparency in the financial system
- Ending the “too big to fail” mentality
- Protecting the American taxpayer by ending bailouts
- Protecting consumers from abusive financial services practices