Obama Signs Financial Reform Bill
Video of president signing Dodd-Frank Wall Street Reform and Consumer Protection Act
July 21, 2010
Legislation that has been called the most sweeping reform of financial regulation since the Great Depression has been signed into law by President Barack Obama.
In a ceremony where he was flanked by House and Senate leaders, the president signed the Dodd-Frank Wall Street Reform and Consumer Protection Act. He called the reforms “the strongest consumer financial protections in history.” “Unscrupulous lenders locked consumers into complex loans with hidden costs,” Obama said of the events that led to the legislation. “With this law we’ll crack down on abusive practices in the mortgage industry. We’ll make sure the contracts are simpler, putting an end to many hidden penalties and fees and complex mortgages so folks know what they’re signing.” |