Wednesday, July 21, 2010

Obama Signs Major Financial Overhaul in to Law

Was the signing in the Reagan building intentional symbolism?

http://news.yahoo.com/s/ap/20100721/ap_on_bi_ge/us_financial_overhaul_11

"Reveling in victory, President Barack Obama on Wednesday signed into law the most sweeping overhaul of financial regulations since the Great Depression, a package that aims to protect consumers and ensure economic stability from Main Street to Wall Street.

The law, pushed through mainly by Democrats in Washington's deeply partisan environment, comes almost two years after the infamous near financial meltdown in 2008 in the United States that was felt around the globe. The legislation gives the government new powers to break up companies that threaten the economy, creates a new agency to guard consumers and puts more light on the financial markets that escaped the oversight of regulators.
...
Republicans portray the bill as a burden on small banks and the businesses that rely on them and argue it will cost consumers and impede job growth. Republican Rep. Darrell Issa of California called Obama's bill-signing a "charade" that ignored the root causes of the financial crisis.

The president said otherwise. He argued that a crippling recession was primarily caused by a breakdown in the financial system that cannot happen again.
"

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