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The Dodd-Frank Act reduces the amount of funds authorized for TARP and requires that TARP funds repaid by financial institutions be used for government deficit reduction.
Dodd-Frank Act
A comprehensive financial reform law passed in 2010 in response to the financial crisis, aimed at reducing risks in the financial system.
TARP
Troubled Asset Relief Program, a government initiative to purchase toxic assets and equity from financial institutions to strengthen the financial sector during the 2008 financial crisis.
Government Deficit Reduction
Measures taken by a government to decrease the amount by which its spending exceeds its income, often implying budget cuts and/or tax increases.
- Comprehend the importance of particular statutes including the Magnuson-Moss Warranty Act, Dodd-Frank Wall Street Reform and Consumer Protection Act, and Gramm-Leach-Bliley Act within the realm of consumer legislation.
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Learning Objectives
- Comprehend the importance of particular statutes including the Magnuson-Moss Warranty Act, Dodd-Frank Wall Street Reform and Consumer Protection Act, and Gramm-Leach-Bliley Act within the realm of consumer legislation.
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