Obama signs the Dodd-Frank Act, creating the Consumer Financial Protection Bureau

President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act on July 21, 2010, in response to the 2008 financial crisis. The 848-page law created the Consumer Financial Protection Bureau (CFPB), the Financial Stability Oversight Council, and the Orderly Liquidation Authority for failing banks. Senator Chris Dodd of Connecticut and Representative Barney Frank of Massachusetts wrote the bill; Elizabeth Warren, who first proposed the CFPB in a 2007 article, was named special advisor to set up the new bureau on September 17, 2010.