On July 21, 2010, President Obama signed into law the Wall Street Reform and Consumer Protection Act of 2010. This historic financial reform legislation will play a crucial role in preventing future crisis, helping families save for the future, and growing our economy.

Creates new...

  • Consumer Financial Protection Bureau
  • Financial Stability Oversight Council
  • Investment Advisory Committee
  • Office of Credit Ratings
  • Office of Financial Literacy
  • Office of Financial Research
  • Office of Minority and Women Inclusion


  • Commodity Futures Trading Commission
  • Department of Housing and Urban Development
  • Federal Deposit Insurance Corporation
  • Federal Housing Finance Administration
  • Federal Reserve Board
  • Federal Trade Commission
  • National Credit Union Administration
  • Office of the Comptroller of the Currency
  • Office of Thrift Supervision
  • Securities and Exchange Commission
  • Treasury Department

Key Items of the Bill

One of the key items to affect the Federal Reserve will be The Consumer Financial Protection Bureau (CFPB), which will be an independent entity housed within the Federal Reserve that will have one mission: to protect consumers by promoting transparency and consumer choice and preventing abusive and deceptive practices in consumer financial products and services. The legislation also:

  • strengthens the consolidated supervision of systemically important financial institutions;
  • gives the government an important additional tool to safely wind down failing financial firms;
  • creates an interagency council to detect and deter emerging threats to the financial system; and
  • enhances the transparency of the Federal Reserve while preserving the political independence that is crucial to monetary policymaking.

See statement by Chairman Bernanke on reform legislation.

Back to Top
Last Update: September 02, 2010