July 21st, 2010
07:48 AM ET
4 years ago

Wall Street reform law's starting line

New changes for the financial industry will be effective immediately after President Obama signs legislation this afternoon.
New changes for the financial industry will be effective immediately after President Obama signs legislation this afternoon.

Washington (CNNMoney.com) - As soon as President Obama's name shows up on the Dodd-Frank Wall Street reform law Wednesday, there will be some changes in the way the financial industry does business.

Immediately, regulators will get new powers to take down failing giant financial firms – powers they didn't have in 2008 when the investment firm Lehman Brothers collapsed and threatened the entire financial system.

Other big provisions are closer to a year away, such as forcing complex financial contracts to be traded on open exchanges, and creating new consumer protection rules requiring more disclosure and fewer hidden fees for mortgages and credit cards.

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Filed under: CNNMoney.com • Financial Reform • issues • Wall Street
soundoff (9 Responses)
  1. Save America, impeach the treasonous republicans

    We owe the democrats and three republicans for their efforts to make sure we taxpayers do not get stuck again, with the bill for the financial industry's mistakes.

    July 21, 2010 08:13 am at 8:13 am |
  2. Liz the First

    This is a major accomplishment for Obama, the Democrats, and the American people. and, like every other good thing Obama has accomplished, the party of NO fought it tooth and nail and it's a weaker bill because of their obstructionism. we need to vote as many of these anti-American-people rethugs as we can out of office in Nov. why support people who are working against your self-interests?

    July 21, 2010 09:00 am at 9:00 am |
  3. Ken in NC

    Let me get this right. Senator John B. of Orange and his Republicans want to have a hold put on additional rules and regulations on the financial sector so they can have a breather. I assume that means they would then be able to continue with business as usual. OK and business as usual means being able to continue doing what they did that got us in this mess in the first place. It really makes good sense because if they are regulated and restricted from doing the things they did in the past they would not be able to crash our financial system for the sake of their profits. It would be much easier for Wall Street and Big Banks to kill our economy again if we do not impose new regulations. Considering how they managed to water down the financial reform bill, I think they should be able manage another financial crash under the new rules and regulations again except that they would probably have to double their work hours from 2 to 4 hours a day.

    July 21, 2010 09:01 am at 9:01 am |
  4. A Conservative

    What about Freddie and Fannie? Guess there are benefits to buying congressmen and senators.....this bill "fixes" little or nothing. It does show that dems stand against the "evil rich"! They are, however, still more than willing to accept donations from them and get sweetheart deals.

    July 21, 2010 09:18 am at 9:18 am |
  5. Louisiana Man

    Finally -REGULATIONS that will benefit this country instead of spoon feeding Wall St fat cats that in turn annihilate the vulnerable public and leave us holding the bag for their debts.

    Of course this should have been addressed under idoit bush instead of him suckling and comforting them at his bosom.

    Giving aid, procurement and enabling was bush's agenda to his wealthy contributors-much to the detriment of our country.

    Please to Obams-
    No routes to DEREGULATION for these paragons of righteous and selfless pigs of society

    July 21, 2010 09:22 am at 9:22 am |
  6. Ron in california

    The irony here is that the two guys who (even though they continue to blame Bush) who had a hand in creating the envirionment that caused the melt down will have the reform bill named after them. There id an old sayng...careful what you wish for. We are allowing gov't to much power. Gov't proves everyday that it is incompetent and corrupt

    July 21, 2010 09:36 am at 9:36 am |
  7. Oy Vey Az

    Rule 1: Don't cheat your customers.

    Ha ha ha ha ha ...

    July 21, 2010 10:24 am at 10:24 am |
  8. Marcus

    'Immediately, regulators will get new powers to take down failing giant financial firms – powers they didn't have in 2008 when the investment firm Lehman Brothers collapsed and threatened the entire financial system.'

    That's a fact, not a spin nor a lie.
    It was necessary to have it back then, but such a warranty (against irresponsible management of other people's money in the private sector) wasn't available (nor it was desired to be according to the then POTUS) so the only viable option was to lend them (Wall St.) some money... the popular 'bailout'.
    Do you want another round of 'bailouts' in a near or far future?
    I don't.
    That's why I welcome this legislation.

    July 21, 2010 10:26 am at 10:26 am |
  9. Tinkers Dam

    As soon as Obamas name shows up on the bill, the greatest free enterprise system in the world no longer is free.

    July 21, 2010 10:43 am at 10:43 am |