Tags: US | Financial | Overhaul

Obama Signs Sweeping Financial Overhaul Into Law

Wednesday, 21 Jul 2010 12:02 PM

 

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President Barack Obama has signed into law an overhaul of banking and Wall Street regulations that he says will create the strongest financial protections for consumers in history.

The law is a legislative victory for the president, who has made tightening restrictions on banks a signature issue since taking office amid the nation's financial meltdown. Obama says the reforms will end many of the Wall Street practices that sent the economy into the worst recession since the Great Depression.

In an ironic touch, Obama signed the bill in the Ronald Reagan Building, named after a president who championed deregulation. Obama was joined by scores of consumer advocates, business executives and lawmakers who supported the bill.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

WASHINGTON (AP) — President Barack Obama says a sweeping new overhaul of financial regulations represents a triumph for consumers.

Obama spoke Wednesday before signing the legislation that creates a new consumer protection bureau and a host of regulations on banks and financial markets.

The bill is a signature achievement for Obama and congressional Democrats nearly two years after Wall Street's failures knocked the economy into a spiraling recession.

Obama was signing the bill into law in a ceremony at the Ronald Reagan Building, with scores of consumer advocates, government officials and business owners looking on.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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