President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank" or the "Act") into law on July 21, 2010, with the objective of ushering in a new era of financial regulation and transparency. However, with more than 2,000 pages and amending approximately 20 statutes, parts of the Act are less than transparent. The Act's range is broad and encompasses not only the usual group of financial services employers, but it extends to mortgage brokers and insurance adjusters as well. Portions of the Act, including those discussed below, went into effect immediately. However, in contrast to its stated objective, portions of the Act have left more questions than answers as to what long-term impacts the legislation will have on the financial industry. A few of the Act's highlights are described below.
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