The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted in response to the 2008 financial crisis, with the aim of promoting stability and accountability in the banking industry. The law introduced a wide range of regulations intended to prevent another financial crisis, including measures to increase transparency, reduce risk-taking, and protect consumers.

One of the key ways that Dodd-Frank affects banking stability is by requiring banks to hold more capital as a cushion against potential losses. The law introduced new capital requirements for banks, including a minimum leverage ratio and a requirement for banks to hold a higher proportion of their assets in high-quality, easily liquidated assets. These measures help to ensure that banks have sufficient resources to absorb losses in the event of a financial downturn, thereby promoting stability in the banking system.

Dodd-Frank also established the Financial Stability Oversight Council (FSOC), which is charged with identifying and addressing systemic risks to the financial system. The FSOC monitors financial markets and institutions, and has the authority to designate certain companies as "systemically important," which subjects them to increased regulatory oversight.

Another way that Dodd-Frank affects banking stability is by providing for greater regulatory oversight and enforcement. The law created new regulatory bodies, such as the Consumer Financial Protection Bureau (CFPB), which is tasked with protecting consumers from abusive financial practices. Dodd-Frank also gave regulatory agencies greater authority to supervise and enforce regulations, and introduced new measures to promote accountability and transparency in the banking industry.

Yes, Dodd-Frank has been weakened to some extent in the years since it was enacted. While the law was intended to promote stability and accountability in the banking industry, some of its provisions have been rolled back or scaled back in the years since its passage.

One of the most significant changes to Dodd-Frank came in 2018, when Congress passed the Economic Growth, Regulatory Relief, and Consumer Protection Act. This law rolled back several provisions of Dodd-Frank, particularly those that applied to smaller banks and credit unions. The law raised the threshold for banks that are subject to enhanced regulatory oversight, exempting many smaller institutions from certain requirements. It also eased some of the restrictions on banks' ability to engage in certain types of trading and investing activities.

In addition to legislative changes, the Trump administration also took steps to weaken Dodd-Frank through regulatory actions. For example, the administration appointed new leaders to regulatory agencies who were more sympathetic to the banking industry, and these leaders rolled back or delayed several Dodd-Frank regulations. The administration also sought to limit the power of the Consumer Financial Protection Bureau, which was created by Dodd-Frank to protect consumers from abusive financial practices.

Although Dodd-Frank has been weakened in some respects, many of its key provisions remain in place. Banks are still required to hold more capital as a cushion against potential losses, and regulatory agencies still have the authority to monitor and enforce regulations. Nevertheless, the changes to Dodd-Frank have been significant, and some critics argue that they have increased the risk of another financial crisis by reducing regulatory oversight and accountability in the banking industry.