All of the following statements regarding major securities laws are correct EXCEPT:

A

The Dodd Frank Act established new government agencies to reduce volatility in financial markets in response to the Great Recession.

B

The Securities Act of $1933$ established the Securities and Exchange Commission.

C

The Investment Company Act of $1940$ forms the backbone of financial regulation for mutual funds and hedge funds.

D

The Financial Services Modernization Act $($Gramm$-$Leach$-$Bliley Act$)$ removed barriers among securities firms, financial institutions, and insurance companies.