Overview

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) is historic and game-changing financial services legislation of the sort that is only seen once in a great while.

Precipitated by the financial crisis that began in 2007, it represents the culmination of many months of intense legislative and executive branch effort, and will have a sweeping impact on the delivery of financial services in the United States, and on the organization, financial condition, and operations of domestic and international banks and bank holding companies (BHCs), securities firms, insurance companies, and other providers of financial services in the United States and around the world.

Nevertheless, the Dodd-Frank Act is not as ambitious in its coverage as some proposed in the immediate aftermath of the crisis. Notably, the legislation will do nothing to reform the secondary mortgage market operations of Fannie Mae and Freddie Mac.

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