The Dodd-Frank Wall Street Reform and Consumer Protection Act is a comprehensive 2010 U.S. federal law signed into law on July 21, 2010, by President Barack Obama as Public Law 111-203, in direct response to the 2007-2009 financial crisis. It overhauled financial regulation to reduce risks in the financial system and protect consumers by establishing mechanisms to curb systemic risk, including the creation of the Financial Stability Oversight Council (FSOC) to identify systemically important financial institutions (SIFIs), stricter capital and liquidity requirements, stress testing for large banks, the Volcker Rule prohibiting banks from proprietary trading, enhanced oversight of derivatives markets requiring central clearing and transparency, and the establishment of the independent Consumer Financial Protection Bureau (CFPB) to protect consumers from unfair, deceptive, or abusive acts by financial institutions. It also provided for orderly liquidation authority for failing firms, improved resolution processes, and increased accountability for credit rating agencies and securitizations by requiring risk retention. The Act's impact includes promoting financial stability, curbing excessive risk-taking, and safeguarding consumers, though parts have been amended or rolled back since enactment.