Question

According to the video, what are the purposes of the Dodd-Frank Act? Check all that apply. to protect banks from abusive financial practices to improve accountability for banks to end bailouts to protect consumers from abusive financial practices to allow for greater banking profits

Answer 1

The purpose of Dodd-Frank Act is to protect customers from abusive financial practices by financial institutions

The enactment of the Dodd-Frank Act on July 21, 2010 was in response to the 2008 financial crisis in United State.

• The  Dodd-Frank Act outlines strict regulatory measures to prevent risky behavior from Insurance companies and Banks for stability of the Economy and Customers welfare.

• Some of the restrictions placed on the financial industry by the Dodd-Frank Act was to stop mortgage companies and lenders from taking advantage of consumers.

In conclusion, protection of consumers from financial practices by the Financial institutions was the purpose of the enactment of Dodd-Frank Act in the video.

Read more on Dodd-Frank Act here

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Answer 2

Answer:

2) to improve accountability for banks

3) to end bailouts

4) to protect consumers from abusive financial practices

Explanation:

The act was made to protect consumers and put more responsibilities on the bank while making sure they weren't involved with corrupt schemes