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 in the United States which reforms the financial industry. It was passed in 2010 in response to the financial crisis of 2008-2009 and is meant to ensure that consumers are fully protected from abuse, manipulation, and fraud. The act addresses a variety of issues, including putting in place mechanisms to protect consumers from excessive risk taking, providing tools to regulators to prevent fraud and financial abuse, protecting whistle-blowers and their families, and forming the Consumer Financial Protection Bureau (CFPB). The act is important for any person in Washington who may be a victim of fraud or financial abuse, as it provides them with a way to get justice and be compensated when they suffer losses as a result of someone else’s wrongdoing. Most significantly, the act codifies the Sarbanes-Oxley whistleblower protections, which offer financial rewards of up to 30% of the recovery in cases involving fraud and financial misconduct. In summary, the Dodd-Frank Wall Street Reform and Consumer Protection Act is an important piece of legislation that is designed to protect consumers from financial manipulation, fraud, and abuse and provides significant incentive for whistle-blowers to come forward and help expose such wrongdoing.

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

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