Wednesday, the President finally signed the Wall Street Reform bill. . Obama called the Wall street Reform bill “the strongest consumer financial protections in history,” at the conference. If you ask republicans their opinion, the bill will hurt community banks and make for more unemployment within the country by bailing out Wall Street over and over.
Financial reform bill finally becomes law
The U.S. economy was severely hurt by Wall Street two years ago, and after months of debate, Obama has finally finished signing the bill. Politico reports that Democrats hoped to produce a strong bipartisan financial reform bill, but within the end it barely passed in the Senate with a handful of Republican votes. Fannie Mae and Freddie Mac were agreed by numerous to be the reason for the 2008 financial crisis, making the bill inaccurate. Republicans also said the bill would force financial firms to move jobs overseas to keep away from stricter oversight.
Attending guests at signing ceremony
Congressman Barney Frank of Massachusetts and Senator Chris Dodd of Connecticut were at the signing ceremony along with other Congress who supported the bill. The bill speaks for itself by those who didn’t go to the signing, reports the Washington Post. Jamie Dimon of J.P. Morgan Chase, John Stumpf of Wells Fargo, Lloyd Blankfein of Goldman Sachs, and James Gorman of Morgan Stanley weren’t even invited to the event.
Reforming Wall Street almost
Obama was not pleased with the criticism being given to him by Wall Street and Republicans. In his remarks about the bill he believes strongly in, he said the financial system “only works – our markets are only free – when you will find 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.” . It could be longer than a year for many of the regulations in the bill to start taking place.
Financial bill just a Wall Street Bailout?
Republicans argue that the financial reform bill just helps Wall Street and doesn’t even address the problem that caused the financial crisis. CBS News reports that in a statement following the signing, House Republican leader John Boehner (who did not receive a signing ceremony invitation) said the bill “provides permanent bailouts for his Wall Street allies at the expense of community banks and small businesses around the country, when doing nothing to reform Fannie Mae and Freddie Mac, the government mortgage companies that triggered the financial meltdown by giving too many high-risk loans to people who could not afford them.”
Politico
politico.com/news/stories/0710/40027.html
Washington Post
washingtonpost.com/wp-dyn/content/article/2010/07/21/AR2010072101614.html?hpid=topnews
CBS News
cbsnews.com/8301-503544_162-20011201-503544.html
