Sweeping Wall Street Reform, Consumer Protections Signed Into Law
July 21, 2010
(ChattahBox)— After nearly two-years of haggling, compromising and negotiating, a sweeping financial reform bill, was finally signed into law by President Obama on Wednesday. The bill provides new protections for consumers, as well as one of the most comprehensive overhaul of Wall Street in decades. Obama hailed the new measure as an end to taxpayer-funded bailouts “[B]ecause of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes,” said Obama. “There will be no more taxpayer-funded bailouts. Period.”
During the signing ceremony in the Ronald Regan building, Obama thanked the only three Republican senators who voted for passage of the bill, Sens. Scott Brown (MA) and the ladies from Maine, Collins and Snowe.
The New York Times described the celebratory scene at the signing ceremony:
“He was surrounded by a group of mostly Democratic lawmakers and advocates of the reform legislation, including the House speaker, Nancy Pelosi, of California and the Senate majority leader, Harry Reid, of Nevada, as well as Senator Christopher J. Dodd of Connecticut and Representative Barney Frank of Massachusetts, whom Mr. Obama lauded for ushering the bill through their respective committees.”
During his remarks, President Obama pointed out how the reforms would have an immediate impact on average Americans:
“If you’ve ever applied for a credit card, a student loan, or a mortgage, you know the feeling of signing your name to pages of barely understandable fine print,” Mr. Obama said. “But what often happens as a result, is that many Americans are caught by hidden fees and penalties, or saddled with loans they can’t afford.”
Obama can now add Wall Street reform to his list of regulatory achievements while in office, including healthcare reform.