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President Barack Obama Signs Financial Reform Bill into Law
U.S. President Barack Obama has signed into law a sweeping financial reform bill that he says will guarantee “everyone follows the same set of rules, so that firms compete on price and quality, not tricks and traps.”
It took months for the bill to reach Obama’s desk as Democrats battled with Republicans to get the measure passed and when the president signed it into law he defended its intent, saying “Our financial system only works - our markets are only free - when there are clear rules and basic safeguards that prevent abuse, that check excess, that ensure that it is more profitable to play by the rules than to game the system.”
At the heart of the bill is a tighter law on mortgage and consumer lending rules. It will also offer greater disclosure for student borrows and average investors while also establishing a new consumer protection agency. Democrats are confident that the new bill will serve to prevent another financial crisis that paralyzed the U.S. economy and led to massive government bailouts.
Republicans do not share that same optimism as they have said the new regulations put in place will cause further problems for businesses who are attempting to create jobs. They have also said the new bill fails to address the causes that led to the financial crisis.
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