The Dodd-Frank Act, officially known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, was signed into law by President Barack Obama in 2010 as a response to the 2008 financial crisis. The Act aims to prevent a recurrence of the crisis by introducing a wide range of reforms designed to promote financial stability, enhance transparency, and protect consumers from abusive financial practices.
The Dodd-Frank Act represents a comprehensive effort to reform the financial sector, prevent systemic risks, enhance transparency, and protect consumers. While it has brought about significant changes to the financial industry, it has also imposed new compliance requirements and regulatory oversight on businesses across various sectors.
