But, even in that short time, it already seems clear that it is the single most important piece of legislation related to the U.S. financial system to be passed in at least 75 years – and arguably ever.
Its first nine words describe the purpose of the 848 pages that follow as being “to promote the financial stability of the United States.” The Act envisions the Federal Reserve System as being integral to the fulfillment of this mission. In particular, the Fed is designated the supervisor and regulator of all systemically important financial institutions – including those that are not banks.