# Dodd-Frank Wall Street Reform Act

> The most sweeping financial regulation since the 1930s, creating the Consumer Financial Protection Bureau, the Volcker Rule.

Barack Obama · Trade & Economy · Legislation · Jul 21, 2010
Official record: https://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act

## What happened

The most sweeping financial regulation since the 1930s, creating the Consumer Financial Protection Bureau, the Volcker Rule, and new oversight of systemic risk.

## How it happened

Passed Congress after the 2008 crisis; signed July 21, 2010.

## Documented impact

- [positive / substantiated] Strengthened financial oversight and created the CFPB. — Stress tests, higher capital requirements and the CFPB returned billions to consumers.
- [negative / contested] Criticized for compliance costs and complexity. — Banks and Republicans argued it burdened smaller lenders; parts were later rolled back in 2018.

## Sources

- [Dodd-Frank Act (Wikipedia)](https://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act)

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