July 21st, 2010
07:23 AM ET
10 years ago

Obama to sign Wall Street reform bill


 President Obama will sign into law Wednesday a sweeping Wall Street reform bill. (PHOTO CREDIT: Getty Images)

Washington (CNN) - President Obama will sign into law Wednesday the Wall Street reform bill - the most-sweeping set of changes to America's financial regulatory system since the 1930s.

The legislation will vastly reform the way big financial firms do business.

This is "reform that will prevent the kind of shadowy deals that led to this crisis, reform that would never again put taxpayers on the hook for Wall Street's mistakes," the president said last week.

The bill aims to strengthen consumer protection, rein in complex financial products and head off more bank bailouts.

The Senate approved the reforms Thursday on a 60 to 39 vote, ending more than a year-long effort to pass legislation in response to the 2008 financial crisis.

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Filed under: Financial Reform • issues • President Obama • Wall Street
soundoff (4 Responses)
  1. Pat in Omaha

    Thank you, Mr. President. You are doing what you said you would do.
    I hope and pray people will stop listening to the banter from those who have lived off the hard work of others and rejoice that we have a president who cares about equality for all. How could people want to go back to the "way things were" as some are suggesting?!

    July 21, 2010 08:49 am at 8:49 am |
  2. Keith in Austin

    Just another attack on Capitalism by a Socialist President!

    July 21, 2010 09:36 am at 9:36 am |
  3. USN

    God help us , obama won't.

    July 21, 2010 09:37 am at 9:37 am |
  4. Paulette

    Go Obama....you won again!

    July 21, 2010 10:19 am at 10:19 am |