Please provide your thoughts in the below paragraph:

What changes did the Dodd-Frank Act make to the Fed?

According to Hubbard & OBrien (2014, pp. 398-399), there were only minor changes to the Federal Reserve under the Dodd-Frank Act, such as making the Federal Reserve a member of the Financial Stability Oversight Council (FSOC), restricting its role as a lender of last resort, making one member of the Board of Governors the vice chair for supervision, changing the process of how Reserve Bank presidents are elected, and creating the Consumer Financial Protection Bureau (over which Federal Reserve officials have no managerial oversight and which assumed some of the consumer lending responsibilities of the Federal Reserve. Further, for more transparency, the Government Accountability Office (GAO) was asked to audit the Federal Reserves emergency lending programs used during the financial crisis, and the Federal Reserve had to disclose which financial institutions receive loans and which financial institutions are trading partners of the Federal Reserve.