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Unformatted text preview: DoddFrank Wall Street Reform and Consumer Protection Act Following the 2008 near collapse of the U.S. economy, which was fueled by the crash of the housing bubble, the Dodd-Frank Regulatory Reform Bill established restrictive measures in an attempt to prevent such events in the future. In order to protect unsuspecting borrowers against abusive lending and mortgage practices, the reform bill established government agencies to monitor banking practices and oversight of troubled financial institutions. T he financial crisis led to widespread calls for changes in the regulatory system. The Dodd- Frank act was introduced by President Obama in 2009 , and was signed into a law by President Obama on July 21, 2010 (Morrissey). The Act changes the existing regulatory structure, such as creating a host of new agencies (while merging and removing others) in an effort to streamline the regulatory process, increasing oversight of specific institutions regarded as a systemic risk, amending the Federal Reserve Act, promoting...
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This note was uploaded on 01/24/2012 for the course ECON 101 taught by Professor Newman during the Spring '11 term at Mt. SAC.
- Spring '11