The Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111–203, H.R. 4173; commonly referred to as Dodd–Frank) was signed into federal law by President Barack Obama on July 21, 2010. Passed as a response to the Great Recession, it brought the most significant changes to financial regulation in the United States since the regulatory reform that followed the Great Depression. It made changes in the American financial regulatory environment that affect all federal financial regulatory agencies and almost every part of the nation's financial services industry. As with other major financial reforms, a variety of critics have attacked the law, with some arguing it was insufficient to prevent another financial crisis (or more bailouts) and others contending it went too far and unduly restricted financial institutions. President-Elect Donald Trump's transition team has vowed to dismantle the Dodd–Frank act.

Racial-Profiling Rule Reversal

from The Wall Street Journal,

Only one Senate Democrat voted to repeal a car dealer con.

The Senate on Wednesday voted 51-47 to kill the Consumer Financial Protection Bureau’s auto-lending rule, which was as much a referendum on Democratic identity politics as lawless regulation. Dodd-Frank explicitly prohibits the CFPB from regulating auto dealers. But former director Richard Cordray evaded the ban by regulating auto-financing as a way to dun dealers. He alleged dealers discriminated against minorities by charging them higher interest rates, though he had no proof since auto dealers are prohibited from collecting racial data.

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