The Dodd-Frank Wall Street Reform and Consumer Protection Act made the most significant changes to financial regulation in the United States since the reform following the Great Depression. It has made changes to America's financial regulatory environment that affect all federal financial regulatory agencies and nearly every part of the nation's financial services industry. Like Glass-Steagall, legislation passed after the Great Depression aimed to regulate financial markets and make another economic crisis less likely. Banks were deregulated in 1999 by the Gramm-Leach-Biley Act, which repealed the Glass-Steagall Act and essentially enabled the excessive risk-taking by banks that caused the most recent financial crisis. The Financial Stability Oversight Council was established through the Dodd-Frank Wall Street Reform and Consumer Protection Act and was created to address systemic risks in the U.S. financial system and to improve coordination among financial regulators. The presence of systemic risk in today's United States financial system is undeniable. Systemic risks exist when the failure of one company can cause others to collapse and destabilize the entire financial system. The company is therefore “too big to fail”, or perhaps more precisely, “too interconnected to fail”. The Federal Stability Oversight Council is charged with identifying systemic risks and gaps in regulation, making recommendations to regulators to address threats to financial stability, and promoting market discipline by eliminating the expectation that the U.S. federal government will to help companies in financial difficulty. Systemic risks can come in many forms, including counterparty risk on other financial instruments... middle of paper... an intolerable level of systemic risk President Obama's signing of the Volcker Rule after a very heated period The debate paved the way for discussion of the Lincoln Amendment. This piece of legislation proposed the idea of ​​limiting banking derivative transactions to separately capitalized affiliates, whose failure would presumably be less likely to cause a systemic crisis (p. 198). The policies of the Wall Street Reform and Consumer Protection Act have not really been implemented to the extent that regulators would have liked. While the legislation takes many steps in addressing systematic risks in the U.S. financial system and improving coordination among regulators, some critics believe it is an either/or option. options could have been more effective. The coming years will allow us to better understand how well the Dodd-Frank Act addressed these concerns.