Measure seeks to prevent shadowy financial dealings
PRESIDENT BARACK OBAMA signed a new bill July 21 that will bring needed reforms to Wall Street. In the wake of the financial crash of 2008 that sent the U.S. economy into a steep recession, many had clamored for substantial new changes that would increase government oversight of big banks and investment firms, making Wall Street more accountable and making all Americans more secure.
Among the key reforms in the bill are consumer protections for mortgages and credit cards, more transparency by financial firms to prevent the type of shadowy deals that led to the economic crisis, and an end to future taxpayer bailouts for Wall Street’s mistakes.
The Wall Street Reform bill is the latest in a series of legislative efforts aimed at rebuilding the economy and establishing a stronger foundation for working families and all Americans. Other major pieces of legislation passed by the Democratically-led Congress and signed into law by Obama include the Recovery Act, Education Reform, and Health Care Reform.
