Asked by MIRTEMUR SHAKIROV on Jun 26, 2024
Verified
The Dodd-Frank Wall Street Reform and Consumer Protection Act
A) was very popular among Wall Street bankers.
B) represented modest reform to the finance industry.
C) came out of theological discussions in the 1920s.
D) was designed to make the financial services industry more responsible.
E) made it mandatory for public corporations to hire ethics officers.
Dodd-Frank Wall Street Reform
A comprehensive set of financial regulations passed in 2010 in response to the 2008 financial crisis, aimed at reducing risk in the financial system.
Financial Services Industry
A sector of the economy made up of firms and institutions that provide financial products and services to commercial and retail customers.
- Understand the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on financial services industry responsibility.
Verified Answer
AK
ABDULAZIZ KHALID ABDULAZIZJun 29, 2024
Final Answer :
D
Explanation :
The Dodd-Frank Wall Street Reform and Consumer Protection Act was designed to make the financial services industry more responsible. It aimed to increase transparency, accountability, and consumer protection in the wake of the 2008 financial crisis. It was not popular among Wall Street bankers, who saw it as overly burdensome regulation, and it represented significant reform rather than modest reform. It was not based on theological discussions, nor did it make it mandatory for public corporations to hire ethics officers.
Learning Objectives
- Understand the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on financial services industry responsibility.