After about three years of the sub-prime mortgage crisis, the American Congress passed its new financial supervision bill on July 15, 2010, which is called Dodd-Frank Wall Street Reform and Consumer Protection Act. This act was then singed to be in effect by President Obama on July 21. This act is named as the most serious financial supervision act passed ever since the Great Depression in 1933. This paper systematically reviews and analyzes the background, major content, effect, and historical dimension of the bill, and on this basis, it presents some implications to the financial governance reform in emerging markets, such as the maintenance of a proper level of financial deregulation, the protection of interests of financial product consumers, the cultivation of ethical value and social responsibility of financial executives or government leaders, etc.