What is Dodd-Frank, and why has it become the main target of a Republican shake-up of US regulation? Let us start by admitting that everyone is unhappy with financial regulation. The left because it doesn’t go far enough, the Republicans and the financial services industry because it increases compliance costs and restricts the kinds of products available, putting pressure on profit margins. Dodd-Frank was the Congressional response to the 2008 financial crisis. Enacted in 2010, it contained measures designed to prevent future financial crises and, if they happen, deal with their consequences. It also heralded a new era in consumer protection in the financial services industry. The Act represented the most significant state intrusion in financial markets since the Great Depression.
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