Yesterday Barack Obama signed the finance reform bill into law. Rep. John B. Larson wrote an excellent article on its benefits for individuals.
Today, President Obama signed into law the Restoring American Financial Stability Act – the most important regulatory overhaul of our nation’s financial system since the reforms that led to 60 years of sustained growth after the Great Depression.
For eight years, Wall Street played Russian roulette with America’s future while Republicans in Congress and President Bush looked the other way. This law ends bailouts for big Wall Street banks and protects consumers and the financial system from the damaging practices that got us into this mess.
Here are 10 ways the new law will help consumers like you:
Inserted from <Huffington Post>
For the other five, I urge you to click through to the source.
I had hoped he might announce the appointment of Elizabeth Warren to head the CFPB, but so far, there os only silence.
6 Responses to “How Finance Reform Will Help You”
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Although I had hope for more restrictions on banks, this is a good first step. No more watering down bills to appease Repubs who won’t vote for them!
Agree and amen.
I, too, have my fingers crossed that Elizabeth Warren will be named. And today Geithner did give her some props (but stopped far short of an endorsement):
“It’s important to recognize that she is, I think, one of the most effective advocates for [financial] reform in the country,”
http://tpmdc.talkingpointsmemo.com/2010/07/geithner-warren-would-be-a-very-strong-leader-of-consumer-bureau.php?ref=fpblg
My concern is that given the history of dealing with Van Jones, ACORN, Shirley Sherrod … there probably is room under the bus for a few more.
I saw that Nameless. Barney Frank is pushing for her tool
* derisive snort*
Too Big To Fail? Still here, and getting bigger. The… maybe FDIC… has the authority to take over a failing bank of any size, but given the size that these banks have become, there will be no ‘orderly dissolvement’ of said banks that can be measured in percentage of US GDP due to size.
Consumer Protection? Depends on who runs it. I have already stated the other day that Elizabeth Warren is a political liability as she, obviously, goes against both banks and Treasury. The People’s best hope. Given our political environment, not likely.
Sure ‘swipe fees’ are mitigated, but what about new fees that can be created? Approval process? Something? No, that is what the newly created Protection agency is for! (See above argument. Conclusion: We’re screwed.)
Banks pay for their own bailout, if needed? Nope, that had to be removed. Completely independent Protection Service? Sorry, had to be removed. All current derivatives traded on exchanges? Ooo. Sorry, just couldn’t get it in there, but don’t worry, at least MOST of the new ones will be ‘openly’ traded. Mark to Market instead of Mark to Magic? No, no, no, we couldn’t have that, then all the toxic assets would have to be given a real value and market. Sorry!
Oh, you wanted full reform? Sorry, all we serve at the Jellyfish Jackass Bar is Lite.
Vote Democrat in November! We’re better than the alternative! (somewhat)
There is a lot of people so proud of this ‘reform’. It is only a start, and I don’t even think it is a good start.
Otis, It’s a better start than I expected.