When was the Dodd-Frank Act enacted?

The Dodd-Frank Act was enacted in 2010 as a response to the financial crisis of 2007-2008. This legislation was aimed at promoting financial stability in the United States by implementing comprehensive reforms in financial regulation. The Act introduced significant regulations on financial institutions, aimed at increasing transparency and accountability in the financial system to help prevent a future crisis. Its provisions include reforms related to consumer protection, trading, and investment practices, as well as the establishment of the Consumer Financial Protection Bureau (CFPB). The timing of the Dodd-Frank Act is crucial, as it came after significant failures in the banking sector and the housing market that contributed to the economic recession. Understanding this legislation is essential for anyone involved in real estate, finance, or insurance, as it set new standards for the industry.