Question

To correct abuses in the financial services industry, Congress passed an Act in 2010 that included numerous provisions to reform the financial services industry. This Act was the ________.

1) Dodd-Frank Wall Street Reform and Consumer Protection Act
2) Sarbanes-Oxley Act
3) Gramm-Leach-Bliley Act
4) Financial Services Modernization Act

Answer 1

The act passed by Congress in 2010 to reform the financial services industry and correct abuses following the financial crisis is the Dodd-Frank Wall Street Reform and Consumer Protection Act. option 1 is answer

Step-by-step explanation:

To correct abuses in the financial services industry, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. This act included numerous provisions designed to reform the financial services industry following the financial crisis precipitated by the collapse of markets for mortgage-backed assets.

This crisis led to the failure of major financial institutions such as Lehman Brothers and large commercial banks like Wachovia, as well as the nationalization of the Federal National Mortgage Corporation (Fannie Mae).

The Dodd-Frank Act sought to address these issues with comprehensive legislation aimed at increasing transparency, accountability, and oversight within the financial sector. option 1 is answer