July 21st, 2010
12:28 PM ET
13 years ago

Obama signs Wall Street reform into law


 President Obama signed financial reform legislation into law on Wednesday. (PHOTO CREDIT: Getty Images)

New York (CNNMoney.com) - After more than a year of work and months of grueling debates on Capitol Hill, President Obama on Wednesday signed the Wall Street reform bill, the most sweeping overhaul of the financial system since the New Deal.

"These reforms represent the strongest consumer financial protections in history," Obama said. "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."

In a major signing ceremony at the Ronald Reagan Building in Washington, Obama was flanked by a number of lawmakers who worked on the legislation, including Sen. Christopher Dodd, D-Conn., and Rep. Barney Frank, D-Mass., the two committee chairmen who sponsored the bill.

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Filed under: issues • Wall Street
soundoff (67 Responses)
  1. Get A Grip

    Take a good hard look at this pic folks and you'll see the people that have, and are now destroying this country.

    July 21, 2010 02:11 pm at 2:11 pm |
  2. Dale

    Just look at all those grinning fools in the picture who either think they've accomplished something grand or are peeing in their panties because they're so close to their idol.

    July 21, 2010 02:11 pm at 2:11 pm |
  3. Kevin in Ohio

    There is the criminal Chris Dodd over Obama's left shoulder...the main architect of the Economic Disaster of 2008. Those of you who still support this criminal should be ashamed.

    July 21, 2010 02:19 pm at 2:19 pm |
  4. Gaylon Barrow NOT ASHAMED for the truth!!!

    Thank goodness the majority of the people standing around him will not be seen or heard of again after the Nov elections.

    July 21, 2010 02:24 pm at 2:24 pm |
  5. jeff jackson, alabama

    The inconvenience and loss of expediancy in doing
    business these new laws bring with them will have
    all the sheep who allowed this to happen bahhhing
    in their soup soon enough.
    Your lives will all be effected by this hap hazard bill
    in negative ways. But then, most of you never read
    the bill.........did you ???

    July 21, 2010 02:29 pm at 2:29 pm |
  6. vic

    Before this reform pass Banks and credit card company know what is the bill already they are by passing the bill

    July 21, 2010 02:31 pm at 2:31 pm |
  7. Ron in california

    I'm sure this will be like the health care bill. Lots of unintended consequences, hidden agendas, controversial provisions, etc. All in the end expanding the reach of government and raising costs to the taxpayer and condumer.

    July 21, 2010 02:35 pm at 2:35 pm |
  8. stevegee

    He can sign it. But it's going to be repealed in 2011.

    In November, vote American, vote Republican!

    July 21, 2010 02:36 pm at 2:36 pm |
  9. stormerF

    I see three of the crooked ones who country wide provided VIP treatment for,because they were on the oversight committee of Fannie Mae and Freddie Mac. Now the Tax Payer is on the hook for 400 billion dollars and Fannie nad Freddie are still not reformed.

    July 21, 2010 02:37 pm at 2:37 pm |
  10. Jane

    Yep try to buy a house in the future. If you can get "qualified" you will be lucky and your percentage rate will be around 8%. Tell everyone you will stick it to the big guys and what they don't tell you is you will get stuck as well. Home buying paperwork nightmare, constant credit checks, sign hundreds of papers, you will only qualifiy if you have no credit card bills, no car bills and make over $150k a year. I know just bought a house.

    July 21, 2010 02:47 pm at 2:47 pm |
  11. Mike

    Thats obama taking care of americans. Above all the hate

    July 21, 2010 02:50 pm at 2:50 pm |
  12. Rick

    spread your white wealth with my sisters and brothers, whites must work to support my sisters and brothers, its the obama way to spread the white mans wealth and you dont think he is not a racist, think again

    July 21, 2010 02:51 pm at 2:51 pm |
  13. NancyLV

    Since this bill is like 2300 pages we again have to wait to find out what is in this in the entireity as Nancy Pelosi said about the healthcare bill "we have to pass it to see what is in it". Call me crazy but I don't think it takes 2000 pages to say a few lines, there is much, much more to this then they are letting on. Who really, really trust big brother to tell us the truth.

    July 21, 2010 02:53 pm at 2:53 pm |
  14. Fair is Fair

    How come nobody wanted Barney standing behind them?

    July 21, 2010 02:53 pm at 2:53 pm |
  15. Dean

    Sen. Christopher Dodd, D-Conn., and Rep. Barney Frank, D-Mass., the two committee chairmen who sponsored the bill------------The two people who should be in jail for their past financial activities. We know who this bill will help and it sure won't be the average person.

    July 21, 2010 02:54 pm at 2:54 pm |
  16. annie s

    Another great accomplishment by the Democratic Congress that will remain overlooked by the American public thanks to the right leaning press.

    July 21, 2010 02:56 pm at 2:56 pm |
  17. S Callahan

    Please tell me there is not a subliminal message with 'twelve' standing behind the President for this signing.....you wouldnt' do that, would you CNN?
    This pic reminds me of a high school reunion....it's the body language that says the story....

    July 21, 2010 02:58 pm at 2:58 pm |
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