Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law on July 21, 2010 by President Barack Obama. Introduced by Senators Chris Dodd, and Barney Frank, following the Great Recession, this legislation set out to reshape the U.S. regulatory system in a number of areas, including, but not limited to, consumer protection, trading restrictions, credit ratings, regulation of financial products, corporate governance and disclosure, and transparency. Many argue that this legislation is overly burdensome for local and regional banks, and newer regulations are being considered to alleviate the burdens. One newer piece of legislation that tackled a few of its issues is the JOBS Act of 2012.
Source: United States Securities and Exchange Commission. Dodd-Frank Act of 2010