President Obama this morning signed the Wall Street Reform and Consumer Protection Act into law.
The financial reform -- which the Senate last week approved by a vote of 60 to 39 --will place new fees and restrictions on financial institutions, establish new boundaries for the Federal Reserve, and create a new consumer-protection unit for mortgage and credit card products.
According to Obama, "These reforms represent the strongest consumer financial protections in history. And 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 -- in the financial system."
The financial reform -- which the Senate last week approved by a vote of 60 to 39 --will place new fees and restrictions on financial institutions, establish new boundaries for the Federal Reserve, and create a new consumer-protection unit for mortgage and credit card products.
According to Obama, "These reforms represent the strongest consumer financial protections in history. And 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 -- in the financial system."
