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President Obama Signs Landmark Financial Reform Legislation

in Government July 21, 2010 685 Views

President Obama's very own ""New Deal"" has officially been enacted into law. The president penned his name to the Dodd-Frank Wall Street Reform and Consumer Protection Act Wednesday â€" legislation that's been[IMAGE] [COLUMN_BREAK]

crowned the strongest financial and regulatory reform measure since Franklin Roosevelt's response to the Great Depression.

Speaking to reporters outside the Ronald Reagan Building after the signing, President Obama hailed the more than 2,300-page document as ""the strongest consumer financial protections in history.""

""These protections will be enforced by a new consumer watchdog with just one job: looking out for people - not big banks, not lenders, not investment houses - looking out for people as they interact with the financial system,"" Obama said.

The president pledged, ""Because of this law, the American people will never again be asked to foot the bill for Wall Street's mistakes. There will be no more taxpayer-funded bailouts. Period.""

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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