A Historic Change in U.S.Financial Regulation——Analysis of Dodd-Frank Wall Street Reform and Consumer Protection Act

To improve the stability of U.S.financial system and protect the interests of financial consumers,Dodd-Frank Wall Street Reform and Consumer Protection Act came into force on Jul.21,2010,which is regarded as the most important act on bank regulation since Glass-Steagall Act.The main contents of the Act include strengthening protection on consumers'rights,taking precautions against systematic risks,changing the situation of too-big-to-fail,upgrading the regulation of financial derivatives,credit rating agencies and hedge funds,and reforming Fed's responsibilities.The Act shows the reform direction of U.S.financial regulation notion and patterns,trys to achieve a balance between upholding financial stability and maintaining U.S.financial industry's competitiveness,and will make great influence on international regulation rules.At the same time,the Act also triggers many debates and contains substantial ambiguities,so its implementation process and final effect are still uncertain.