Obama Signs Financial Reform Bill, Promises No More Taxpayer Bailouts
July 26, 2010 by Special To Personal Liberty
Following months of contentious debate and partisan name-calling, President Obama signed into law last week a Democratic-backed financial reform bill, ushering in the most aggressive overhaul of Wall Street regulations since the Great Depression.
Obama said the new rules, which were authored by Senator Christopher Dodd (D-Conn.) and Representative Barney Frank (D-Mass.), will guarantee "the strongest consumer financial protections in history," and ensure that American taxpayers will never again be forced to fund a Wall Street bailout.
The measure has been heavily criticized by congressional Republicans who feel that it will grant unreasonable power to Federal regulators and stunt the growth of the already weakened economy and struggling job market.
In fact, Republicans took exception to several aspects of the legislation, including its creation of new agencies that can limit certain forms of trading and break up financial firms that threaten the economy.
"This financial services reform is nothing more than a permanent bailout of Wall Street that will restrict credit, kill jobs, raise taxes and expand government control of the private sector," said Representative Mike Pence (R-Ind.), who plans to push to repeal the law, The Los Angeles Times reports.
The president disagreed, telling a group of supporters at the Ronald Reagan Building that the law will safeguard taxpayers and "bring the shadowy deals that caused this crisis into the light of day."