Obama signs largest overhaul

http://www.youtube.com/watch?v=htK7vgM00Pk

WASHINGTON – President Barack Obama signs into law the largest overhaul of the U.S. financial-regulatory system since the Great Depression, calling it “the strongest consumer financial protections in history.” Prior to the signing ceremony, Obama praised the law’s creation of a consumer protection bureau that will write and enforce rules for banks on credit card and mortgage lending.

“These protections will be enforced by a new consumer watchdog with just one job: looking out for people — not big banks, not lenders, not investment houses,” he said according to the prepared remarks. “That’s not just good for consumers; that’s good for the economy.” The president is scheduled to sign the legislation into law this morning at the Ronald Reagan Building a few blocks from the Presidential Mansion. The administration will then start writing the rules and set up the agencies to enforce the new law, Deputy Treasury Secretary Neal Wolin said yesterday during a Presidential Mansion briefing.

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