On November 10, 2009, US Senate Banking Committee chair Chris Dodd introduced financial reform legislation intended to address systemic risks to the nation's economy that precipitated the 2008-2009 financial crisis. US financial regulators and scholars had previously recommended greater regulatory oversight to the Committee in July 2009. President Barack Obama signed the final version of the legislation, the Dodd-Frank Wall Street Reform and Consumer Protection Act, into law on July 2011. The Act created new regulatory agencies and mechanisms designed to prevent financial institutions from precipitating another financial crisis as a result of being "too big to fail."
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