Dodd Frank is a Federal statute in the United States that was signed into law by Obama in July of 10’.  The act is a product of the financial regulatory reform agenda.  The law initially proposed in Dec. of 09’ in the house with Barney Frank and in the state banking committee by chairman: Chris Dodd.  Later a vote was played out to name the bill after them.  This act which passed was passed as a response to the mid and late 2000’s recession, is the most sweeping change to the financial regulation in the U.S. since the great Depression, this represents a significant change in the American Financial Regulatory Environment Affecting almost every aspect of the nations financial service industry.  The financial crisis of 07’ causes changes in the regulatory system, June of 09’ Obama introduced a proposal for a: “sweeping over haul of the U.S. Financial Regulatory System a transformation on a scale not seen since the reforms that followed the great depression.”  Title 1 outlines the two new agencies tasked with monitoring systematic risk and reserving the state of the economy and clarifies the comprehensive supervision of the bank holding companies by the Federal Reserve.  Title 1 creates the financial stability over sight council and the office of financial research.  The two new offices are attached to the Treasury Department.  With the Treasury Secretary being chair of the council and the head of the financial research office is a Presidential Appointment.  With senate conformation, the financial stability over sight council is charged with identifying threats to the financial stability of the United States.  Promoting market discipline, and responding to the emerging risks to the stability of the US financial system.  At a minimum it must meet quarterly specifically there are 3 purposes assigned to the council:

1-      Identify the risks to the financial stability of the US from both financial and non financial organizations.

2-      Promote market Discipline by eliminating expectations the Government will shield them from loss in the event of failure.

3-      Respond to emerging threats to the stability of the US financial system.

Duties: in the course of the pursuing its goal (in its entirety) the council as several duties enumerated to it that can broadly be described as anything required to:

1-      Enhance the integrity, efficiency, competitiveness, and stability of the United States financial markets.

2-      Promote market Discipline.

3-      Maintain investors confidence