After months of debate and compromises that left some members of both parties less than thrilled, President Obama signed the financial reform bill into law this morning, which means that all problems with all banking is fixed forever… right?
Said Prez-O about the bill:
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 – looking out for people as they interact with the financial system… the American people will never again be asked to foot the bill for Wall Street’s mistakes. There will be no more taxpayer-funded bailouts. Period.
The bill, whose real title is the Dodd-Frank Wall Street Reform and Consumer Protection Act, has been labeled a necessity by the White House and its supporters, who pin the recent economic meltdown on lack of oversight of the banking industry.
Those opposed to the bill have said it’s another unnecessary incursion by the federal government into the public sector, which will only cause more problems than it solves.
Here’s what Republican Congressman John Boehner had to say about it:
[The bill] provides permanent bailouts for his Wall Street allies at the expense of community banks and small businesses around the country, while doing nothing to reform Fannie Mae and Freddie Mac, the government mortgage companies that triggered the financial meltdown by giving too many high-risk loans to people who couldn’t afford them.
For a more detailed description of what’s in the bill, click here.