dido:public:ra:xapend:xapend.a_glossary:d:dodd_frank
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dido:public:ra:xapend:xapend.a_glossary:d:dodd_frank [2022/03/26 20:20] nick created |
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| [[dido:public:ra:xapend:xapend.a_glossary:start| Return to Glossary ]] | [[dido:public:ra:xapend:xapend.a_glossary:start| Return to Glossary ]] | ||
| - | The **DDodd-Frank Act** (**Dodd-Frank Wall Street Reform and Consumer Protection Act**) is a United States federal law that places regulation of the financial industry in the hands of the government. The legislation, which was enacted in July 2010, created financial regulatory processes to limit risk by enforcing transparency and accountability. | + | The **Dodd-Frank Act** (**Dodd-Frank Wall Street Reform and Consumer Protection Act**) is a United States federal law that places regulation of the financial industry in the hands of the government. The legislation, which was enacted in July 2010, created financial regulatory processes to limit risk by enforcing transparency and accountability. |
| Because the Great Recession of the late 2000s was due in part to low regulation and high reliance on large banks, one of the main goals of the **Dodd-Frank Act** was to subject banks to more stringent regulation. The Act created the Financial Stability Oversight Council (FSOC) to address persistent issues affecting the financial industry and prevent another recession. | Because the Great Recession of the late 2000s was due in part to low regulation and high reliance on large banks, one of the main goals of the **Dodd-Frank Act** was to subject banks to more stringent regulation. The Act created the Financial Stability Oversight Council (FSOC) to address persistent issues affecting the financial industry and prevent another recession. | ||
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