WASHINGTON – Reveling over a new milestone in his presidency, a triumphant Barack Obama on Wednesday signed into law the most sweeping overhaul of lending and high-finance rules since the Great Depression, adding safeguards for millions of consumers and aiming to restrain Wall Street excesses that could set off a new recession.
The president's signing ceremony capped nearly two years of intense and partisan debate over how to avoid a recurrence of the 2008 financial meltdown that buckled the U.S. economy and left sharp, lasting imprints on the nation's politics and in Americans' homes.
"Because of this law, the American people will never be asked again to foot the bill for Wall Street's mistakes," Obama said.
Answer by Youngwifey2 at 11:18 PM on Jul. 21, 2010
"Most of the new rules won't take effect right away. The Obama administration has a full year, for example, to empower a Bureau of Consumer Financial Protection that is being created. Regulators will take months to study dozens of issues in the 2,300-page law before drafting rules. Among them: Should the government limit the size of banks? How should stockbrokers be held accountable for advice they give to clients? How can credit ratings be made more reliable? All of that means the real-world impact of the law will depend on how it's interpreted by regulators — the same regulators who were blamed for failing to head off the financial crisis."
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Answer by NotPanicking at 11:45 PM on Jul. 21, 2010
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