Obama Makes Financial Overhaul Official

Posted on Jul 21, 2010

AP / Mark Lennihan

Flags were flying April 22 on Wall Street in front of the New York Stock Exchange, and on Wednesday, Washington weighed in with new financial reforms.

It remains to be seen whether the new financial reform legislation that President Obama signed into law on Wednesday will spare us another economic cataclysm like the recession we’re still in, but for his part, the president seems jazzed about it. Same with Barney Frank and Christopher Dodd, whose names both appear in the bill’s official title. —KA

“Political Intelligence” in The Boston Globe:

Coming nearly two years after the bank bailouts of 2008, it is the Democrats’ centerpiece response, intended to prevent another credit and mortgage crisis like the one that caused the stock market meltdown and current economic recession.

“These reforms represent the strongest consumer financial protections in history,” Obama said, just before he signed the bill. “There will be no more tax-funded bailouts. Period.”

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