Banks and Wall street face a new reform: Obama protects consumer rights
Congress on Thursday passed the most stringent restrictions on banks and Wall Street since the Great Depression, clamping down on lending practices and expanding.
CONGRESS ON Thursday passed the most stringent restrictions on banks and Wall Street since the Great Depression, clamping down on lending practices and expanding. Industry lobbyists fought against a number of restrictions in the bill, ultimately winning some concessions. Republican opponents also criticized the bill for not addressing mortgage financing giants Fannie Mae and Freddie Mac, whose questionable lending helped start a collapse in the housing market.
Be it simple debit card swipes or the most complex securities trades, consumer and investor transactions face new safeguards or restrictions. Obama finds the law important in order to protect consumers and lay a strong foundation for a sound financial system. He finds the law second most important after the recent health care reform. After the collapse of Lehman Brothers triggered a worldwide panic in credit and other markets, the bill cleared its final hurdle with a 60-39 Senate vote. It now goes to the White House for President Barack Obama's signature, expected as early as Wednesday. The law will give the government new powers to break up companies that threaten the economy and create a new agency to guard consumers in their financial transactions
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