Passed in 2010 in the fallout of the Great Recession, the Dodd-Frank Wall Street Reform and Consumer Protection Act was the most significant financial reform since the Great Depression.

The Dodd-Frank Act increased banks' capital requirements and established the Consumer Financial Protection Bureau.

Watch a breakdown of 'The Volcker Rule,' which stopped banks from being able to make trades with client money and is one of the most controversial financial regulations to date.

Watch former Securities and Exchange Commission Chair Gary Gensler's 'Eras Tour' for the agency's 90th anniversary, a look back on the pivotal moments in the agency's history.

The Securities and Exchange Commission was created during the Great Depression to restore public trust in financial markets after the 1929 crash.

Read a breakdown of the different financial and banking regulatory bodies in the US, including the SEC.

Prior to the creation of the Securities and Exchange Commission, the 1913 Pujo Committee determined that 180 people were managing more than $22B—a large slice of the entire nation's wealth—and recommended extensive regulations.

Commonly referred to as the 'bank bailout,' the Troubled Asset Relief Program disbursed $443B in an attempt to keep the financial system solvent.

The Glass-Steagall Act separated commercial banks in the US from investment banks

In 1933, the Glass-Steagall Act legally separated commercial banks in the US from investment banks. However, by 1999, the act was repealed—meaning that today’s investment banks are no longer required to be separate from the type of bank where you deposit your paycheck.

The Federal Reserve fought the Great Recession primarily with quantitative easing and repurchasing agreements.

The New Deal shifted economic and social authority to the federal government

Franklin D. Roosevelt's response to the Great Depression expanded federal power through economic regulation and social welfare programs, permanently reshaping federalism by shifting responsibility for financial security to Washington while leaving states to administer many of these programs.

BlackRock played an integral role in the Federal Reserve's response to the Great Recession, managing about $30B of hard-to-sell Bear Stearns assets on behalf of the New York Fed.

No institution wields more power in US finance than the Federal Reserve, the central bank of the US—but opinion polls indicate that most Americans don't know what it does.

Congress has the power to enact laws related to bankruptcy, thanks to the US Constitution

It has done just that since 1800. This legislation, which outlines the various types of bankruptcy filings, has evolved over time. The most recent iteration is the Bankruptcy Reform Act of 1978, which introduced Chapter 11 filings in an effort to make the process easier for businesses and individuals.

The Federal Reserve is the most powerful financial institution in the US

The Fed controls the money supply, determines interest rates, and regulates the banking system. Established in 1913 after a volatile series of financial panics, the central bank has managed to retain its legitimacy despite broad critiques against its obscure and independent decision process.

Track how much the US government has spent on bailouts.

To avoid a total collapse of the housing market, the US government took control of the two leading mortgage companies, Fannie Mae and Freddie Mac.

In the aftermath of the 2008 financial crisis, the Fed began a program of quantitative easing

This program injected trillions of dollars of new money into financial markets to stimulate the economy. The move catalyzed an 11-year bull run and was repeated during the pandemic. Experts argue such power could worsen wealth inequality and contribute to bubbles in housing and finance.

In March 2008, Bear Stearns was the first major bank to collapse in the Great Recession—leading to panic across the entire global financial system.

Anti-money laundering laws forcing banks to report data have become important foreign policy tools

Since the Bank Secrecy Act of 1970, which required banks to report transactions exceeding $10K and keep records on customers, anti-money laundering laws have become an important proxy for American foreign policy initiatives. Increased regulation via financial institutions helps curb drug and human trafficking, as well as destabilize the financial infrastructure for terrorist organizations.

In 2019, Congress passed the Secure Act to reform key aspects of the US tax code

Key Secure Act provisions included raising the age at which mandatory distributions take effect (to increase saving), allowing larger catch-up contributions for older individuals, and allowing employers to directly match contributions in a Roth 401(k).

The National Housing Act established the Federal Housing Administration

During the Great Depression, 1,000 homes were foreclosed on per day, and half of the mortgages across the country defaulted. To address this crisis, President Franklin D. Roosevelt signed the National Housing Act. It established the Federal Housing Administration, which is still around today and helps protect lenders and buyers.

The Social Security System was created to protect Americans from economic disasters like the Great Depression

President Franklin Delano Roosevelt’s New Deal created new government agencies and programs in the wake of the Great Depression.

Before Lehman Brothers filed for bankruptcy in 2008 with more than $600B in debt, the Federal Reserve tried to orchestrate a private deal to save the then-fourth-largest investment bank in the US.

Known as the 'Pecora Hearings,' the widely covered trials following the stock market crash of 1929 generated massive public outrage that forced Congress to impose stricter regulations on Wall Street.

The Social Security Act was formed to protect retired workers amid the Great Depression

President Franklin Delano Roosevelt’s New Deal created new government agencies and programs in the wake of the Great Depression, including the Social Security Act.

The Smoot-Hawley Tariff Act—which was passed during the Great Depression with the goal of reviving domestic industry—is among the most famous pieces of economic legislation in US history.

How JPMorgan Chase became America's biggest bank

From the railroad and steel consolidations brokered by John Pierpont Morgan on Wall Street more than a century ago, to the repeal of Glass-Steagall, the financial crisis, and Jamie Dimon’s leadership, J.P. Morgan Chase has been at the center of finance for more than a century.

Congress mandated that the Fed streamline check payments

When it was first created in the 1910s, the Federal Reserve System became a crucial link between the nation's regional banks. The increasing number of checks used by the thousands of banks across the nation required a central operator, and the Fed was uniquely positioned to help. Learn more about the role the Fed played in the history of checks.

Read about why bans on short selling are a controversial policy

Generally, short selling is legal, but regulations often restrict short positions when a stock has experienced a sharp price decline (more than 10% in one day). However, negative feedback loops in times of financial crisis have given short selling a bad reputation. The government has temporarily banned short selling during previous market downturns—like The Great Recession of 2008 and the early months of the COVID-19 pandemic—but experts argue whether those bans actually improved market stability or just distorted prices.

Banks have increased small loan programs since 2018, upping competition for payday lenders

One of the reasons payday lending flourished for nearly two decades is that most banks charged high overdraft fees and didn't offer small loans. However, since 2018, banks have increased their small loan options. Supporters say this provides safer alternatives for consumers, as banks are subject to more regulatory measures and are less likely to allow consumers to keep rolling over loans.

During COVID-19, the Fed made drastic moves in attempts to shore up the US economy called quantitative easing

The Fed took an aggressive approach to help the US economy during COVID-19 beyond standard monetary levers, including broad purchases of mortgage-backed securities, Treasury securities, and more.

For every $100 you deposit, your bank puts a few cents in the FDIC insurance fund

This is a result of the 1933 Banking Act that established the Federal Deposit Insurance Fund. The law sought to prevent bank runs like those that decimated the banking industry amid the Great Crash and subsequent major depression. Today, individual depositors are insured up to $250K at each bank where they have an account.

The history of bankruptcy in the US dates back to the signing of the Constitution

In 1787, this founding document gave Congress the right to establish nationwide bankruptcy laws. Legislators took advantage of that power in 1800 when they passed the Bankruptcy Act of 1800, the first comprehensive bankruptcy law at the federal level.

Central banking in the US has had a fraught political history

That history includes its doomed early efforts in the First and Second National Banks, as well as its failure to address the worst financial period in US history, the Great Depression.

Congress banned banks from paying checking account interest for 80 years

Known as "Regulation Q," the act sought to stop bank competition for customers involving increasing interest rates in the 1930s. This competition led banks to make reckless investment decisions to pay higher interest rates. During the ban, banks competed by focusing on convenience (ATMs, branches), relying on fees, and building relationships.

American International Group, one of the largest insurance companies in the world, received $182B from the federal government—the largest of any bailout in the wake of the Great Recession.

Watergate-era reforms restricted the power of the presidency

Watergate ushered in sweeping changes. Agencies were required to release information openly, officials had to disclose finances transparently, and new laws limited conflicts of interest. The reforms also established independent oversight of ethics and safeguarded presidential records, curbing abuse and boosting accountability.

In 2025, the 'two strikes and you're out' rule took effect to protect consumers from repeated attempts to withdraw money

After years of being delayed by litigation, a 2024 US Supreme Court ruling upheld a law that prevents lenders from attempting to take payments from accounts with insufficient funds more than twice without reauthorization. This tactic is commonly used by payday loan companies, which technically require repayment on the day borrowers receive their paychecks.

BlackRock sponsored the Federal Reserve's purchasing of corporate debt through exchange-traded funds during the COVID-19 pandemic, while it simultaneously sold some of its own shares on the secondary market—sparking controversy over potentially unfair advantages.

The 2008 financial system unraveled in a wave of speculation

Michael Lewis—author of the bestselling "The Big Short"—explains how a wave of speculation (among other factors) drove the 2008 collapse, from lenders issuing risky mortgages to Wall Street turning them into fragile securities. He also highlights the few outsiders who recognized the bubble and bet against it before the crash.

Commodity trading is regulated by the CFTC to mitigate fraud and risk

Established in 1974, the CFTC regulates these markets (including swaps, futures, and certain types of options) to protect market participants from fraud, ensure fair trading conditions, and generally reduce financial risk.

After Bernie Madoff's nearly $65B Ponzi scheme was exposed, the Securities and Exchange Commission was widely criticized for being inattentive and overly lax for not having caught the fraud earlier.

The Great Depression is one of history's most notable periods of deflation

The stock market crash of 1929 helped trigger a period of deflation in the United States by creating a drastic decrease in the total money supply. Because of the United States' central role in the world economy, virtually every single country was impacted by the recession.

Ray Dalio has argued that American capitalism is broken, citing economic factors like a growing wealth divide

Dalio also points to stalling income growth, weak healthcare systems, and poor educational outcomes when arguing that American capitalism needs serious reform. However, critics point out that Dalio has amassed a large fortune by running the world's largest hedge fund and question whether Dalio really wants economic reform.

The financial crisis in 2008 had a major impact on many 401(k) plans

Amid the 2008 financial crisis, stocks and bonds cratered as the broader market floundered due to the subprime mortgage crisis. Investors with so-called "target-date" funds—which shift allocations based on the maturation of a fund—shared in the slump, with some funds declining by 20% or more just a year or two away from maturation.

When the New York Stock Exchange was started in 1792, traders would meet both outside on the street and in coffee shops to do business.

Thousands of state voting changes have been federally blocked since the Voting Rights Act

Since 1965, federal oversight has blocked thousands of state-level voting changes—including redistricting plans—by requiring approval for measures that could affect minority representation, a process scaled back by the Supreme Court in 2013.

The Depression-era Social Security program assigned every US citizen an account number

Many of the Social Security functions we know today are the result of multiple amendments to the Social Security Act that have been passed in the years since the act’s initial creation in 1935. As Social Security as we know it today was being conceptualized, Democrats opted to make it an insurance program rather than a welfare one to assuage Republicans.

Investment banking giant Lehman Brothers filed for bankruptcy in September 2008 when it had $619B in debt, making it the largest bankruptcy ever in the US

Nearly all of its 26,000 employees immediately lost their jobs. But in London, a few hundred remained tucked away, working for another decade to wind down the bank’s European business.

Before the Great Recession, lax requirements to get a mortgage resulted in mass defaults that left nearly 19 million homes vacant.