Review:
Dodd Frank Act
overall review score: 4
⭐⭐⭐⭐
score is between 0 and 5
The Dodd-Frank Act, officially known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, is a United States federal law that was enacted in response to the financial crisis of 2007-2008.
Key Features
- Regulation of financial institutions
- Consumer protection measures
- Creation of the Consumer Financial Protection Bureau
- Increased oversight of financial markets
Pros
- Increased transparency in the financial system
- Protections for consumers against abusive practices
- Regulation of systemic risk in the financial sector
Cons
- Criticism for being overly complex and burdensome for smaller financial institutions
- Impact on lending practices and economic growth