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Obama signs historic finance reform bill
"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."
- President Barack Obama
President Barack Obama Wednesday signed into law the most sweeping reform of the US finance industry since the 1930s, promising US taxpayers would no longer get the bill for Wall Street excess.
The legislation, which some Republicans have pledged to repeal, introduces new consumer protections, checks the power of big banks and cracks down on deceptive practices by credit card firms.
"Because of this law, the American people will never again be asked to foot the bill for Wall Street?s mistakes. There will be no more tax-funded bailouts," Obama promised.
Seeking to restore public confidence in his economic leadership as unemployment flirts with double digits, Obama said the bill would repair the fractures and abuses of which the financial meltdown was born.