Definition of Dodd-Frank Act
In 2010, the US Congress passed the Dodd-Frank Wall Street reform act, the largest financial regulation overhaul since the 1930s.
Named after its Democratic sponsors in Congress, Senator Chris Dodd and Representative Barney Frank, the law aimed at preventing a repeat of the 2008 financial crisis.
The act also created a new Consumer Financial Protection Bureau to protect retail users of banking products and a new Financial Stability Oversight Council to watch for looming threats to the financial system.
US regulators are now in the process of churning out hundreds of new rules that cover everything from limiting proprietary trading (taking bets with a bank’s own money rather than for clients) to regulating swaps dealers.
US president Barack Obama, who signed the act into law, said: “The American people will never again be asked to foot the bill for Wall Street’s mistakes,” but many in the financial services sector say the law and accompanying regulations are confusing, expensive and in some cases unworkable. 
Regulatory reform: A disappearing act?
Global finance: Conflicting signals
Financial regulation: A line is drawn
Interactive graphic: Reforming the global financial system
Key points of the Wall Street reform bill