What law was enacted to strengthen government oversight of financial markets after the financial crisis of 2008-2009?

The Dodd-Frank Act was enacted specifically to address the deficiencies in the financial regulatory framework that contributed to the financial crisis of 2008-2009. This comprehensive piece of legislation aimed to improve financial stability by increasing transparency and accountability within the financial sector. It introduced numerous reforms, including the creation of the Consumer Financial Protection Bureau (CFPB) to safeguard consumers in financial transactions, and it established stricter rules for financial institutions to minimize risks associated with derivatives and enhance the regulation of the banking industry.

The act also aimed to end the "too big to fail" doctrine by implementing measures to monitor and manage systemic risk, thereby making institutions more resilient to potential future crises. By focusing on increased regulation and oversight, the Dodd-Frank Act significantly reformed how financial markets operate and provided tools for authorities to protect the economy from similar crises in the future.

Other acts, although important, either predate the 2008-2009 crisis or serve different purposes. For instance, the Glass-Steagall Act was originally designed to separate commercial banking from investment banking, while the Sarbanes-Oxley Act focused primarily on corporate governance and financial reporting. The National Banking Act established a system of national banks but does not specifically relate to the