UPDATE 1-Obama to sign Wall Street reform bill on Wednesday

WASHINGTON, July 16 | Fri Jul 16, 2010 6:58pm EDT

WASHINGTON, July 16 (Reuters) - President Barack Obama will sign sweeping regulatory reforms of Wall Street into law on Wednesday, the White House said.

The reforms, designed to tighten financial industry oversight and prevent risky lending practices at the root of the 2007-2009 financial crisis, were passed by Congress on Thursday.

Labored over by the Obama administration and U.S. lawmakers for over a year, the reforms will create a consumer financial protection bureau, put some limits on bank risk-taking and give regulators better powers to wind down systemically vital financial firms that get into trouble.

Obama will sign the bill at the Ronald Reagan Building in Washington, the White House said.

(Reporting by Alister Bull; Editing by Stacey Joyce)

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Comments (5)
KarlQ wrote:
Well…. BO knocked 2.6% off the DOW with the passage of this beast …. which we won’t understand until a year or more from now when the regulators fill in all the blanks left by congress.

Maybe by Wednesday the DOW will have absorbed this hit and we can wait for the next shoe to drop.

Jul 16, 2010 7:43pm EDT  --  Report as abuse
LimRickNews wrote:
Congress has ratified regulations,
To protect us from pecuniary permutations.
Most Republicans said nay,
But there were a few that did stray,
Will this minify monetary machinations?
For more, google “LimRickNews”.

Jul 16, 2010 8:35pm EDT  --  Report as abuse
releggneh2 wrote:
What I find completely amazing is that,this will save us from ever having to save the banks again!!! Really!! Who caused this mess? Chris Dodd,barney Frank & Maxine Waters! Who wrote the bill? Chris Dood. What 2 co’s were loaning money to everyone? Fannie & Freddie! Who is excluded from this? Fannie & Freddie!!! It won’t hurt the big banks because they have enough buffer, but just one more way of getting rid of the little banks! You Libs that like this power grab, if you read the fine print, it includes businesses too! do you remember getting free checking, gone. Do you remember getting loans, forget it!! And you people just keep following the shepherd to slaughter with every move this socialist makes!!!

Jul 16, 2010 8:57pm EDT  --  Report as abuse
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