Clifford Chance
Dodd-Frank Wall Street Reform and Consumer Protection Act
28 June 2010
The Dodd-Frank Act is the product of a financial services regulatory reform effort initiated by the Obama Administration following the global financial crisis. It makes a variety of changes specific to the US regulatory framework – including provisions for monitoring and reducing systemic risk, reallocating authority among the federal regulators, creating a consumer protection regime for retail financial products and services, and mandating an unprecedented number of studies, reports, and regulations on matters ranging from fundamental to trivial. In important respects, however, the Act appears intended by the Administration to allow the United States to lead by example. Now that a US framework has been established, the Administration is encouraging financial authorities elsewhere to pursue a coordinated response to systemic risk, inadequate supervision and the staggering social costs of widespread bank failure.
This summary provides an overview of the Dodd-Frank Act as it was signed into law by President Obama on July 21, 2010.
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Dodd-Frank Wall Street Reform and Consumer Protection Act
