Wednesday, the President finally signed the Wall Street Reform bill. The financial reform bill is referred to as the most sweeping financial industry reform legislation since the Great Depression. At the signing ceremony for the financial reform bill after months of debate, Obama called Wall Street reform “the strongest consumer financial protections in history.”. If you ask republicans their opinion, the bill will hurt community banks and make for more unemployment within the country by bailing out Wall Street over and over. Post resource – Wall Street reform set into motion Wednesday at signing ceremony by Personal Money Store by Personal Money Store.
Law passes for financial reform bill
Two years after runaway Wall Street greed nearly collapsed the U.S. economy, the president signed the bill after months of debate. Politico reports that Democrats hoped to produce a strong bipartisan financial reform bill, but in the end it barely passed within the Senate with a handful of Republican votes. The bill should have been more focused on Fannie Mae and Freddie Mac considering it was the cause of the 2008 financial crisis, as outlined by many Republicans. Jobs would also have to be moved to other countries because of strict rules.
Attending guests at signing ceremony
At the signing ceremony for the financial reform bill, Obama was flanked by the senators who authored the bill- Congressman Barney Frank of Massachusetts and Senator Chris Dodd of Connecticut, as well as others from Congress who contributed to the reform efforts. But the Washington Post reports that the people who weren’t there speak volumes about the bill. Jamie Dimon of J.P. Morgan Chase, John Stumpf of Wells Fargo, Lloyd Blankfein of Goldman Sachs, and James Gorman of Morgan Stanley weren’t even invited to the event.
Adding one part to the reform
During the ceremony, Obama challenged criticism from Republicans and Wall Street. He said the financial system “only works – our markets are only free – when you will find clear rules and basic safeguards that prevent abuse, that check excess, that ensure that it is more profitable to play by the rules than to game the system.” Obama also explained that Wall Street and regulators could have room to move will with the financial reform bill. It can be longer than a year for numerous of the regulations in the bill to start taking place.
Financial bill just a Wall Street Bailout?
Republicans believe that the bill doesn’t address the real problem of the financial meltdown while targeting Wall Street. It was reported by CBS News that House Republican leader John Boehner who wasn’t invited to the signing feels the bill “provides permanent bailouts for his Wall Street allies at the expense of community banks and small companies 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 individuals who could not afford them.”
Find more info on this topic
Politico
politico.com/news/stories/0710/40027.html
Washington Post
washingtonpost.com/wp-dyn/content/article/2010/07/21/AR2010072101614.html?hpid=topnews
CBS News
cbsnews.com/8301-503544_162-20011201-503544.html
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