What does Dodd Frank Act mean? Read on to discover the definition & meaning of the term Dodd Frank Act - to help you better understand the language used in insurance policies.
Dodd Frank Act
An act known formally as the "Dodd-Frank Wall Street Reform and Protection Act" (Dodd-Frank). This 2010 law made dramatic, sweeping changes to the nation's financial regulatory system. It was enacted to make the U.S. financial system more transparent and accountable and to prevent the type of financial crisis that occurred during 2008. Three specific provisions within Dodd-Frank are likely to increase the nature and scope of legal liability faced by corporate directors and officers. These include: (1) the "clawback" provision, (2) the whistle-blower provision, and (3) the "say-on-pay" provision.
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