What is the Dodd-Frank Wall Street Reform and Consumer Protection Act?

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a federal law enacted in 2010 in response to the 2008 financial crisis. The Act was designed to provide greater oversight of financial markets and protect consumers from predatory or unfair practices. The Act requires government agencies to create new rules and regulations for public companies and for financial institutions. These rules are intended to increase transparency and accountability in the financial sector, prevent another financial crisis, and protect consumers from deceptive, unfair, or discriminatory lending practices. The Act also includes the Whistleblower Program. The program, administered by the US Securities and Exchange Commission (SEC), encourages individuals to come forward and report securities fraud and other violations of federal securities laws. In Pennsylvania, individuals who report violations of the Act are eligible for financial awards from the SEC, ranging from 10 to 30% of the funds collected from any enforcement action taken as a result of their information.

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What is the Dodd-Frank Wall Street Reform and Consumer Protection Act?

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