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The Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into federal law on July 21, 2010, had its origins in public outrage and calls for reform to the U.S. financial services industry, arising from the financial crisis of 2007 to 2010 and the Great Recession. The intent of the legislation was to provide a comprehensive overhaul and restructuring of the entire system of financial market oversight in the United States so as to make another financial crisis less likely.

Background

The Glass-Steagall Act of 1933 was passed to bar the conflicts of interest created when commercial (deposit taking) banks underwrite securities. The law prohibited depository banks from engaging in investment bank activities. The Bank Holding Company Act, passed in 1956, extended the restrictions on banks, forbidding ...

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