Because the financial crisis of 2007–09 started with a “bubble” in housing prices and was global in nature, the first narrative from analysts and academics focused on the low interest rate policy of the Federal Reserve in the years preceding the crisis and the global imbalance of payments due to the growth of emerging economies. While these factors may have played a role in the formation of the crisis, it is generally understood that these factors were not the entire story. Rather, when analysts and academics peeled back the financial architecture of the United States and that of the global system, especially in Europe, they found gaping holes and noted that considerable parts of the architecture were broken. So, with the financial architecture in need of much improvement, the Dodd–Frank Act attempts to make the appropriate updates and repairs.