Question

what was one of the goals of the passage of the dodd-frank wall street reform and consumer protection act in 2010?

Answer 1

The Dodd-Frank Wall Street Reform and Consumer Protection Act aimed to promote financial stability, protect consumers, and improve accountability and transparency in the financial system.

Step-by-step explanation:

The Dodd-Frank Wall Street Reform and Consumer Protection Act was passed in 2010 with several goals in mind. One of the main objectives of this legislation was to promote financial stability by improving accountability and transparency in the financial system. It aimed to address the issue of “too big to fail” institutions, which are large financial institutions that pose a significant risk to the economy if they were to fail. The act also sought to protect consumers from abusive financial practices, ensuring they are not taken advantage of by financial service providers.

Answer 2

The Dodd-Frank Act was enacted to enhance financial stability in the U.S. by increasing accountability and transparency in the financial sector, preventing future bailouts, and protecting consumers from financial abuses.

Step-by-step explanation:

One of the main goals of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 was to promote the financial stability of the United States. This was to be achieved by improving accountability and transparency in the financial system, ending the notion of "too big to fail," protecting American taxpayers from future bailouts, and safeguarding consumers from abusive financial services practices. This act came as a response to the 2008 financial crisis that saw the collapse of major financial institutions such as Lehman Brothers and Wachovia, and the nationalization of entities like Fannie Mae.