The Great Recession, which took place between 2007-2009 had a ripple effect on the economy and working Americans. It went down as one of the most severe economic crises after the Great Depression. Not only did the financial crisis lead to millions of Americans losing jobs that helped sustain their livelihoods – many lost their wealth too. The Dodd-Frank Act was a byproduct of that financial crisis. What is The Dodd-Frank Act? The Dodd-Frank Act, short for Dodd-Frank Wall Street Reform and Consumer Protection Act, was enacted in 2010 and signed by President Obama. It was a response to the 2008 financial crisis and aimed to prevent a future economic collapse of that magnitude. One of the highlights of the act was that it prohibited banks from using their accounts for speculative investing, which happened to be one cause of the 2008 crisis. Additionally, the reform put consumer protections in place and established a consumer watchdog so lenders couldn’t exploit consumers through hidden fees and fine print. These measures were so important because before the 2008 crisis, the financial system had little regulation. This led