Dodd-Frank Act

The Dodd–Frank Wall Street Reform and Consumer Protection Act, commonly referred to as Dodd–Frank, is a United States federal law enacted on July 21, 2010, as the primary legislative response to the 2007–2008 financial crisis—the worst financial crisis since the Great Depression. Named for its sponsors, Senator Chris Dodd and Representative Barney Frank, the law was signed by President Barack Obama on July 21, 2010. Its stated purposes are to promote financial stability, end "too big to fail," prevent taxpayer-funded bailouts, and protect consumers from abusive financial practices.