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President Barack Obama Signs Largest Financial Reform Bill Since Great Depression
President Barack Obama signed a legislation Wednesday that is slated to be the nation’s biggest financial reform since the Great Depression.
The Obama plan would give new powers to the Federal Reserve to oversee the entire financial system and would also create a new consumer protection agency to guard against credit and other abuses that played a big role in the current economic crisis.
Obama blames “a culture of irresponsibility” for the recession and the nation’s financial crisis that has taken root from Wall Street to
The 88-page plan would eliminate the Office of Thrift Supervision, replacing it with a system aimed at closing gaps in coverage and keeping institutions from shopping for the most lenient bank regulator. The consumer agency would place new restrictions on lenders and mortgage brokers, requiring them to offer simple loans to consumers.
Under Obama's plan, the Federal Reserve would gain power to supervise holding companies and large financial institutions considered so big that their failure could undermine the nation's financial system. However, even as it gained new powers, the Fed would lose some banking authority to the new Consumer Financial Protection Agency.
Obama's proposal would require the Federal Reserve, which now can independently use emergency powers to bail out failing banks, to first obtain Treasury Department approval before extending credit to institutions in "unusual and exigent circumstances."
Several banks oppose the new Obama financial plan, while many lawmakers fear that the plan will give the Fed too much power.
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