Financial reform is now law
In a ceremony at the Ronald Regan Building, President Obama officially signed the financial reform bill into law. The law was created in response to the financial crisis that spurred the recession, and increases regulatory oversight of complex financial products, such as derivatives. The law also creates a consumer protection agency that will oversee financial products such as credit cards and mortgages. Another aspect of the law was to give the government the ability to dismantle individual companies considered to be a risk to the overall economy, in an attempt to prevent a future financial meltdown. Negotiations over the contents of the law extended over a period of more than a year, and spurred contentious debate in Congress over the government’s role in protecting the economy.
Censky, A. (2010, July 21). Obama signs Wall Street reform into law. CNNMoney.com.