Dodd–Frank Wall Street Reform and Consumer Protection Act

http://en.wikipedia.org/wiki/Dodd–Frank_Wall_Street_Reform_and_Consumer_Protection_Act

The Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111-203, H.R. 4173) is a federal statute in the United States that was signed into law by President Barack Obamaon July 21, 2010.^[1] The Act is a product of the financial regulatory reform agenda of the Democratically controlled 111th United States Congress and the Obama administration.

The law was initially proposed on December 2, 2009, in the House of Representatives by Barney Frank, and in the Senate Banking Committee by Chairman Chris Dodd. Due to their involvement with the bill, the conference committee that reported on June 29, 2010,^[1] voted to name the bill after the two members of Congress.^[2] The Act, which was passed as a response to the late-2000s recession, is the most sweeping change to financial regulation in the United States since the Great Depression,^[3][4][5][6] and represents a significant change in the American financial regulatory environment affecting all Federal financial regulatory agencies and affecting almost every aspect of the nation's financial services industry.^[7][8]

^{If you would like to know more go to the link at the top of the page.}