In response to the 2007-08 Financial Crisis that cost the United States more than $20 trillion, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act on July 21, 2010 with the aim of overhauling the dysfunctional regulatory regime. In the years since, the wide-reaching reforms mandated by Dodd-Frank have provided key protections to consumers and stability to the banking system. Thanks to such reforms, banks and the US capital markets have emerged from the Financial Crisis more resilient than before and regulators are now better equipped to respond to future crises and regulatory challenges.