The Securities and Exchange Commission’s Division of Economic and Risk Analysis concluded that implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act has had a mixed impact on capital formation activity and secondary market liquidity. Among other things, DERA said it did not find that primary market security issuance has been reduced since the enactment of Dodd-Frank or that new regulations adversely impacted the trading of US Treasuries or corporate bonds. DERA’s study was mandated by Congress in 2015.