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July 22, 2010

Obama Signs Financial Reform Bill
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President Obama has signed into law the financial reform bill, saying it
contains the strongest consumer financial protections in history. Obama
claimed there will never be a need again for taxpayer bailouts of banks.

President Obama: "Now, beyond the consumer protections I’ve outlined,
reform will also rein in the abuse and excess that nearly brought down
our financial system. It will finally bring transparency to the kinds of
complex and risky transactions that helped trigger the financial crisis.
Shareholders will also have a greater say on the pay of CEOs and other
executives, so they can reward success instead of failure. And finally,
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, period."



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