President Obama, using multiple pens, just signed the financial reform bill into law. After long months of work, the most sweeping overhaul of the financial sector has become reality. Before the signing, ND20 contributor and consumer advocate Elizabeth Warren had this to say today:
President Obama, using multiple pens, just signed the financial reform bill into law. After long months of work, the most sweeping overhaul of the financial sector has become reality. Before the signing, ND20 contributor and consumer advocate Elizabeth Warren had this to say today:
"Today, the President will sign into law the strongest set of financial reforms in three generations. It was a hard fight, but the leadership of the President, Chairman Frank, Chairman Dodd, and so many tireless, hard-working advocates for reform has paid off. For the first time, families will have a tough, independent cop in Washington to help clear out the tricks and traps hidden in consumer credit agreements."
Consumers will see positive changes because of this bill, the strongest from the newly-established Consumer Financial Protection Bureau. Will it be strong enough to protect us against another financial crisis? That answer is less clear, as it may not end Too Big To Fail, adequately handle derivatives, or change executive compensation. Read reactions to the bill from ND20 contributors here.
