Triumphant President Barack Obama on Wednesday signed into law the most sweeping overhaul of lending and high-finance rules since the Great Depression
Sondra Liber
Jul. 22, 2010

''Because of this law, the American people will never be asked again to foot the bill for Wall Street's mistakes,'' President Obama said.

Triumphant President Barack Obama on Wednesday signed into law the most sweeping overhaul of lending and high-finance rules since the Great Depression.

Republicans portrayed the bill as a burden on small banks and the businesses that rely on them and argued that it will cost consumers and impede job growth.

Banking and market regulators will have up to two years to write many of the new regulations required by the law, extending uncertainty and ushering in a new phase of lobbying by financial firms.

"Regulators will have to be vigilant," Obama said.

The president sought to quell public anger over the $700 billion bank rescue fund the government created at the height of the crisis to reassure the markets. While the infusion is credited with providing stability, the public recoiled at the idea of taxpayer money being used to help prop up huge banks.

Triumphant President Barack Obama on Wednesday signed into law the most sweeping overhaul of lending and high-finance rules since the Great Depression
Sondra Liber
'Because of this law, the American people will never be asked again to foot the bill for Wall Street's mistakes,' President Obama said.
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