Obama signs Dodd-Frank Wall Street Reform Act creating CFPB and toughest financial regulation

President Obama signs the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203), the most sweeping financial regulation overhaul since the Glass-Steagall Act of 1933. Named for Senate Banking chair Chris Dodd and House Financial Services chair Barney Frank, the 848-page law creates the Consumer Financial Protection Bureau to police predatory lending, establishes the Financial Stability Oversight Council to monitor systemic risk, requires derivatives to be traded on exchanges, and introduces the Volcker Rule barring banks from proprietary trading. No Republicans vote for the law. Banks have grown even larger since the 2008 crisis.