Which of the following is an example of new administrative agencies created by Dodd-Frank?

Study for the LEGL 2700 Hackleman 3 Exam with comprehensive questions, each accompanied by detailed explanations and hints. Ace your exam preparation today!

The Federal Insurance Office (FIO) is indeed an example of a new administrative agency created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted in 2010 as a response to the financial crisis of 2007-2008. The FIO's primary purpose is to monitor the insurance industry, assess systemic risk in the insurance sector, and serve as a source of expertise on insurance matters for the federal government. This agency plays a crucial role in ensuring that insurance companies maintain their solvency and stability, contributing to the broader goal of financial system protection.

The other agencies mentioned have different origins and functions. The Environmental Protection Agency (EPA) was established in 1970 to focus on environmental protection and public health. The Federal Trade Commission (FTC), created in 1914, is responsible for protecting consumers and ensuring a competitive marketplace. Similarly, the Office of Management and Budget (OMB) is a longstanding office within the Executive Office of the President, primarily focused on budgetary management and implementation rather than financial oversight of insurance or other sectors, thus distinguishing it from the new entities created by Dodd-Frank.

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