Originally posted by the Voice of America. Voice of America content is produced by the Voice of America, a United States federal government-sponsored entity, and is in the public domain. Obama Signs Financial Reforms Into Law VOA News 21 July 2010 President Barack Obama signs the Dodd-Frank Wall Street Reform and Consumer Protection financial reform bill at the Ronald Reagan Building in Washington, 21 Jul 2010 Photo: AP President Barack Obama signs the Dodd-Frank Wall Street Reform and Consumer Protection financial reform bill at the Ronald Reagan Building in Washington, 21 Jul 2010 U.S. President Barack Obama has signed into law the most sweeping overhaul of the country's financial regulations since the Great Depression of the 1930s.  Mr. Obama signed the legislation Wednesday during a ceremony involving about 400 lawmakers, officials, business leaders and ordinary Americans. The president said the goal was to prevent the risky behaviors that caused the financial crisis nearly two years ago by protecting consumers from unfair fees and penalties from banks and other financial institutions. He said the changes would also help put an end to the need for taxpayer bailouts of troubled financial companies. Banks will be required to keep more money on hand to cover potential losses from bad investments, and there will be more disclosure of complex transactions called derivatives.  The new legislation will allow the government to seize failing financial institutions if they are so large that their collapse would hurt the economy. The government will then re-sell the seized properties to ensure that bank shareholders and creditors bear losses, not American taxpayers. President Obama said the changes represent the strongest consumer protections in history, but that they would also help grow the country's economy by creating clear rules and basic safety for everyone.  Many rules and regulations needed to implement these changes have not yet been written. This work by U.S. regulators is expected to take months or even years. The legislation has the attention of executives at many of the country's biggest banks, who are worried about the potential impact the changes will have on their profits. Many of the top banks have repaid the government for bailout loans given during the financial crisis, and are reporting profits. On Wednesday, Wells Fargo bank reported more than $3 billion in profits for the three months ending in June. Wells Fargo's second quarter profits were lower than those it earned during the second quarter of last year, but bank officials said losses on bad loans to consumers and businesses have decreased. Morgan Stanley on Wednesday reported nearly $2 billion in second-quarter profits due to strong trading results. Other top U.S. banks have warned that investors have been less active, rattled by fears of a European debt crisis and volatility in the financial markets. U.S. Bancorp also reported second quarter profits, saying revenue jumped 63 percent compared to the same time last year. U.S. Bancorp also said it increased its lending activity and that it expects fewer customers to default on their loans. Following the financial crisis, many businesses and consumers were unable to get loans, hurting the country's economic production. President Obama praised the Senate for passing financial rules overhaul, saying the American people will never again be asked to pay for Wall Street's mistakes.  Opposition Republicans fought the reforms and said the new rules would hurt the economy, expand government power and fail to protect taxpayers.  Some information for this report was provided by AP. .