Origin Story of Dodd Frank Act | On This Day

Dodd-Frank Act Overview - The Dodd-Frank Act, enacted in 2010, represented the most significant overhaul of US financial regulations since the Great Depression [1] - The Act aimed to prevent a recurrence of the 2008 financial crisis by creating mechanisms for liquidating failing firms, policing economic threats, and monitoring mortgage lending abuses [1] - President Obama signed the bill into law on July 21st, hailing it as providing the strongest consumer financial protections in history [2] Legislative and Regulatory Challenges - Some analysts considered Dodd-Frank too lenient, while financial companies deemed it too strict, leading to partisan disputes and lobbying efforts [3] - In 2018, Congress rolled back key provisions of Dodd-Frank, including raising the bank asset threshold, exempting companies like American Express and Suntrust from higher compliance costs [3] - As of the 15th anniversary of Senate passage, major provisions of Dodd-Frank are still being contested, and some have yet to be rolled out [4] Current Status and Future Outlook - Congress is holding a hearing to discuss the lessons learned and the road ahead for Dodd-Frank [4]