The Dodd Frank Act is frequently erroneously called the Frank Dodd Act. The official name is the Dodd-Frank Wall St Reform and Purchaser Protection Act, and that was introduced by President Obama in July of 2011 as a direct reaction to the monetary disaster that virtually brought the country, and indeed the world economy, to its knees back in 2008.
The Frank Dodd Reform Act or the Dodd Frank Act was named after republican Barney Frank and Senator Chris Dodd who presented the idea to President Obama, and was a way of bringing about control that placed the regulation of the fiscal establishments forcibly in the hands of the governing body.
It is thought that by doing this, circumstances that should have been forecast and foreseen prior to the global meltdown of 2008 will now be seen coming at them a mile away, and adverse action can be brought to avoid another fiscal catastrophe.
Qui Tam Whistleblower Laws
Qui tam is Latin and is short for 'qui tam pro domino rege quam prose ipso in hac parte sequitir ' which translated means 'he who sues in this matter for the king, does so for himself also'. What this actually means is that anyone that exposes fraud committed on the government (in this situation financial irregularities) can force a suit under the guise of 'qui tam ' on behalf of the govt. If successful they will receive a chunk of the money recovered as a reward (generally from 15% to 25%).
This is AKA a 'whistle blowing provision'. By smartly bringing in the qui tam laws the governing body is fundamentally giving people an inducement to grab control of the situation from within or essentially to be the government's eyes and ears on the ground. An example could be an employee who works in a chemical corporation who is aware that her company is promoting off-label use of a drug to doctors. This is unlawful and could represent a whistleblowing case.
To protect his voter President Obama passed the Dodd Frank Act. This is to help Dodd Frank whistleblower. Read on the article of Brandenne Frison about the Frank Dodd and its relation to American's monetary protections.