Obama Signs Finance Reform

Calls it the end of taxpayer-funded bailouts
By Newser Editors and Wire Services
Posted Jul 21, 2010 10:54 AM CDT

(Newser) – President Obama today signed into law the most sweeping reform of financial regulations since the Great Depression, a package that aims to protect consumers and ensure economic stability from Main Street to Wall Street. The law, pushed through mainly by Democrats in Washington's deeply partisan environment, gives the government new powers to break up companies that threaten the economy, creates a new agency to guard consumers, and shines more light on financial markets that escaped the oversight of regulators.

Obama described them all as commonsense reforms that will help people in their daily lives—signing contracts, understanding fees, understanding risks. He went so far as to call the reforms "the strongest consumer protections in history." The president added to a burst of applause: "Because of this law, the American people will never again be asked to foot the bill for Wall Street's mistakes."

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