Jul 22, 2010

"Almost two years after the near collapse of the American economy, President Barack Obama signed into law on Wednesday a historic rewriting of the regulations governing the nation's financial system and declared the end of an era of antiquated rules that left Americans vulnerable.

Describing it as a triumph for consumers and a necessity for business, the president hailed the law, saying that the financial system 'only works - our markets are only free - when there are clear rules and basic safeguards that prevent abuse, that check excess, that ensure that it is more profitable to play by the rules than to game the system.'

'And that is what these reforms are designed to achieve; no more, no less,' Obama said during the ceremony at the Ronald Reagan Building, 'because that is how we will ensure that our economy works for consumers, that it works for investors, that it works for financial institutions - that it works for all of us.'"

Click to go to the Politico website and read the entire article.