| In the fall of 2008, the United States slid into a | | | | an accredited investor |
| recession that affected many other countries | | | | - Establishing the Federal Insurance Office to |
| across the globe. This led to massive amounts of | | | | oversee insurance companies and monitor the |
| taxpayer money given to corporations as bailouts, | | | | treatment of consumers |
| and as this failed, people began to call for reform. | | | | - Limiting proprietary trading for banks |
| This came in the form of the Dodd-Frank Wall | | | | - Regulating and controlling derivatives trading and |
| Street Reform and Consumer Protection Act, | | | | "security-based swaps" |
| which was passed in July of 2010. | | | | - Allowing the Federal Reserve to monitor |
| The Dodd-Frank Act was constructed by | | | | payments, clearing, and settlement of financial |
| Representative Barney Frank and Senator Chris | | | | market utilities |
| Dodd in order to increase the transparency and | | | | - Protecting investors by realigning the Securities |
| financial accountability of banks and corporations. | | | | and Exchange Commission |
| There are many provisions of the Act, which | | | | - Establishing the Bureau of Consumer Financial |
| serve to protect American taxpayers, end | | | | Protection |
| bailouts, increase oversight, and end the "too big | | | | - Changing the New York Federal Reserve |
| to fail" attitude towards large corporations. To | | | | President to a Presidential appointment |
| further these goals, the Dodd-Frank Act includes | | | | - Encouraging low-income people to invest, get |
| provisions such as: | | | | loans, open bank accounts, etc. |
| - Creating the Financial Stability Oversight Council | | | | - Eliminating bailouts from taxpayer money |
| and Office of Financial Research to supervise the | | | | - Regulating mortgage lending |
| Federal Reserve holdings and keep an eye on the | | | | Additionally, the Dodd-Frank Act encourages |
| economy | | | | whistleblowers to bring forth any information that |
| - Regulating the liquidation of financial institutions | | | | they have regarding financial fraud. If this |
| - Streamlining bank regulation, which includes | | | | information leads to a successful case, you may |
| abolishing the Office of Thrift Supervision | | | | be entitled to a portion of the damages awarded. |
| - Increasing the reporting requirements for | | | | To protect yourself and your fellow citizens, you |
| investment advisers, and changing the definition of | | | | should not allow financial fraud to go unpunished. |