The Archive

Reference Library

The founding document as written, a plain overview of the seven Articles, and a glossary of archaic and legal terms.

Back to Landmark Legislation

Economic & Financial Regulation

Dodd–Frank Wall Street Reform and Consumer Protection Act

Enacted: 2010

Signed into law by

Barack Obama

In brief

The post-2008 financial-crisis reform statute — created the Consumer Financial Protection Bureau, restricted proprietary trading, and imposed heightened oversight of systemically important institutions.

The Act in depth

Signed by Barack Obama on July 21, 2010, Dodd–Frank was the most sweeping financial regulation since the New Deal. It created the Consumer Financial Protection Bureau, the Financial Stability Oversight Council, and an orderly-liquidation authority for failing systemically important firms; imposed the 'Volcker Rule' restricting proprietary trading by insured banks; required central clearing of many derivatives; and mandated stress testing of the largest banks. Portions of the Act — notably CFPB structure and the Volcker Rule — have been reshaped by later litigation (Seila Law v. CFPB, 2020) and regulation, but its core architecture remains in place.

All Legislation