Obama Signs Wall Street Reform & Consumer Protection Act

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At a White House press conference earlier today, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law. See Conference Report version prior to signing of Act; see also FEI summary of highlights of the Act by Cady North, manager of Government Affairs, FEI.

The White House Blog has a post by Jesse Lee linking to White House summaries of the Act and a related 3 minute video, What Wall Street Reform Means To You.

The President's signing of the Act was shown via live-stream video on http://www.whitehouse.gov/ earlier today, and an archived video will be availalble later today. (I assume the written text of his remarks will be posted in the White House Briefing Room later today as well.)

Obama opened his remarks noting that we faced the greatest recession since the Great Depression, and that "Although the economy is growing again, too many people are still feeling the pain of the downturn." He added: "While a number of factors led to such a recession, the primary cause was a breakdown in the financial system, a breakdown in responsibility, from the halls ...corners of wall street, to ...Washington, DC ... ...antiquated rules... unscrupulous lenders... firms like AIG placed massive, risky bets with borrowed money. While the rules left abuse unchecked, they also left taxpayers on the hook."

Additional highlights from Obama's remarks can be found here.


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