What is the Dodd Frank Act?

The Dodd-Frank Wall Street Reform and Consumer Protection Act, or simply ‘Dodd-Frank’ act, is regarded as the most comprehensive piece of financial reforms since the Glass Steagall Act which was introduced to regulate banks after the 1929 stock market crash. Named after the two lawmakers who created it : Senator Chris Dodd and Representative Barney Frank and signed into law by President Obama in 2010, the Dodd-Frank act was enforced to regulate the financial markets and protect consumers post the 2008 financial crisis and to prevent such crisis roll back in the future. (more…)