Wednesday, the President finally signed the Wall Street Reform bill. The financial reform bill should change the financial industry more than other things since the Depression. The financial reform bill was called by Obama “the strongest consumer financial protections in history.”. 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. Source of article – Wall Street reform set into motion Wednesday at signing ceremony by Personal Money Store by Personal Money Store
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Becoming law is the financial reform bill
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. The bill barely passed in Senate although Politico reports Democrats wanted a bipartisan financial reform bill. Fannie Mae and Freddie Mac were agreed by numerous to be the cause of the 2008 financial crisis, making the bill inaccurate. Rules in place might cause many jobs to be moved overseas with the financial reform bill.
Signing ceremony guests that attended
Those who attended the signing ceremony tended to be Congress who supported the bill already including Congressman Barney Frank of Massachusetts and Senator Chris Dodd of Connecticut. But the Washington Post reports that the individuals who weren’t there speak volumes about the bill. The event didn’t send out invitations to the following- Lloyd Blankfein of Goldman Sachs, John Stumpf of Wells Fargo, Jamie Dimon of J.P. Morgan Chase, and James Dimon of Morgan Stanley.
The reform with an additional piece
Republicans and Wall Street have given Obama a lot of criticism which he challenged. 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.” Obama also explained that Wall Street and regulators could have room to move will with the financial reform bill. Plus, various parts of the legislation won’t take effect for a year or more as regulators implement new rules.
Republicans think we are just bailing out Wall Street?
Republicans believe that the bill doesn’t address the real problem of the financial meltdown when targeting Wall Street. As outlined by House Republican leader not invited to the signing John Boehner, the bill “provides permanent bailouts for his Wall Street allies at the expense of community banks and small businesses around the country, while 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 individuals who couldn’t afford them.”
Resources
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
