Obama Signs Sweeping Financial Overhaul Into Law
Visit CBS Detroit's
Reveling in victory, President Barack Obama on Wednesday 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, comes almost two years after the infamous near financial meltdown in 2008 in the United States that was felt around the globe. The legislation gives the government new powers to break up companies that threaten the economy, creates a new agency to guard consumers in their financial transactions and puts more light on the financial markets that escaped the oversight of regulators.
Obama described them all as commonsense reforms that will help people in their daily life — 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.”