FAQ About Barack Obama
What was the purpose of the Dodd-Frank Act?
The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law by President Obama in 2010 in response to the financial crisis of 2008. Its purpose is to reduce risks in the financial system, improve transparency, and protect consumers from abusive financial services practices. It established the Consumer Financial Protection Bureau (CFPB) and implemented new regulations on banks and financial institutions.
