I am pleased to announce that earlier today President Obama signed Wall Street Reform into law. This bill is a great victory for the American people. Despite obstruction and delays, we are now on track to providing greater security to Main Street by reining in reckless Wall Street gambling and ensuring accountability. This legislation is the most sweeping financial reform in more than 70 years.
I saw this great video put together by the White House. It gives a great overview of what led to the financial crisis and how Wall Street reform will make a real difference for consumers. Check it out:
Over the last two years, America has suffered through its worst financial crisis since the Great Depression. 8 million Americans lost their jobs, and millions more lost their savings, retirements, and economic security. For too long Wall Street was allowed to gamble at the expensive of Main Street. This bill holds Wall Street more accountable by:
• Ending taxpayer bailouts once and for all;
• Stopping banks from taking excessive risks;
• Preventing banks from growing "too big to fail";
• Establishing the Consumer Financial Protection Bureau that ensures that Americans receive clear, truthful information about financial products, such as loans and credit cards; and
• Creating greater transparency within the financial industry.
Finally Americans can feel confident that there is a system in place that works and protects them.
Photo by jpellgen via Flickr
