This past summer Congress passed a financial reform bill known originally as the "Dodd-Frank Wall Street Reform and Consumer Protection Act." The bill, which was later dubbed "Restoring American Financial Stability Act of 2010," ushers in the most sweeping changes to Wall Street and the financial industry since the Great Depression.

But very few Americans really understand the key points of the bill or how it will affect them or the financial policies on Wall Street.

The bill, which totals 2,319 pages, contains 243 new rules and adds new policies for 10 different federal agencies, is expected to affect both consumers and financial institutions.

The legislation is designed to protect consumers from irresponsible lending and investing practices and ensure that adequate safeguards are in place to prevent another global financial meltdown similar to the financial crisis of 2008.

In fact, the Act gives the federal government authority to seize and stabilize failing financial companies and then wind down their activities in an orderly liquidation. It also establishes the Financial Stability Oversight Council to identify market bubbles. The bill will affect consumers across a wide range of financial areas that include consumer complaints, home loans, investments, financial education, and retail shopping... MORE