Dodd-Frank Wall Street Reform and Consumer Protection Act Resource Center
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) was signed into law by President Obama on July 21, 2010. The official purpose of the law is to "promote the financial stability of the United States by improving accountability and transparency in the financial system, to end 'too big to fail,' to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices and for other purposes."
Because the Dodd-Frank Act actually affects multiple industries and legislation, containing numerous amendments to existing laws and creating several new laws as well, we have created this resource center to help clients navigate the myriad nuances of the law.
The Dodd-Frank Act is likely to have consequences for years given that it calls for – by one count – 355 new rules to be written by federal agencies; 47 studies to be conducted (many preceding the rulemaking); and 74 reports to be made to Congress. Thus, while the Dodd-Frank Act has been enacted, it is still very much a "work-in-progress," and Fox Rothschild attorneys will continue to monitor and assess how the Act is interpreted and inform clients on how to stay in compliance.