Financial reform refers to changes made to improve the financial system, ensuring it operates more efficiently and fairly. This can involve updating regulations, enhancing transparency, and promoting accountability among financial institutions. The goal is to protect consumers, prevent financial crises, and foster economic growth. Such reforms can include measures like stricter oversight of banks, changes in lending practices, and the introduction of new financial products. Notable examples of financial reform include the Dodd-Frank Act in the United States, which was enacted after the 2008 financial crisis to address systemic risks and protect consumers.