Obama to Sign Dodd-Frank Financial Regulatory Reform Bill Into Law Today

By
Wednesday, July 21, 2010 at 11:20 am

In a ceremony at the White House today, surrounded by policy experts and bankers, President Obama will sign the sweeping Dodd-Frank financial regulatory reform bill into law.

The final bill, more than 2,300 pages in length, directs regulators to create 533 new rules — applying to everything from debit cards to hedge funds to mortgage underwriting. It contains three central provisions. First, it provides the government with new powers to identify risky banking institutions and to shutter them, via a new systemic regulator. Democrats say this provision ends “too big to fail.” Second, the Dodd-Frank bill makes banks less dangerous, forcing them to keep more capital on hand, banning them from making risky trades on their own behalf and keeping them from investing heavily in vehicles like hedge funds. Finally, it creates a new consumer financial protection bureau, which will have the power to create and enforce new rules regarding financial products like home-equity loans and credit cards.

The White House pre-released only a short excerpt of Obama’s speech, indicating he plans to focus on consumer protections. “These reforms represent the strongest consumer financial protections in history,” he will say. “And these protections will be enforced by a new consumer watchdog with just one job: looking out for people — not big banks, not lenders, not investment houses — in the financial system. Now, that’s not just good for consumers; that’s good for the economy.”

Republicans argue that the bill will stifle the economy, reduce credit and overtax the banking system. Sen. Mitch McConnell (R-Ky.) remarked on the Senate floor this morning: “It’s almost as if it’s a prerequisite for any Democrat legislation: If it leads to more job loss, they’ll pass it. Americans are tired of this kind of ‘reform.’ Job stifling taxes, regulations, government intrusion. These appear to be the three pillars of every Democratic legislative effort.  They’re also the three things lawmakers can do that are guaranteed to kill more jobs.”

Several media outlets have noted that Wall Street’s biggest banking titans — including Lloyd Blankfein, the head of Goldman Sachs, and Jamie Dimon, the head of J.P. Morgan Chase — were not invited to the signing.

Follow Annie Lowrey on Twitter


Comments

15 Comments

Tweets that mention Obama to Sign Dodd-Frank Financial Regulatory Reform Bill Into Law Today « The Washington Independent -- Topsy.com
Pingback posted July 21, 2010 @ 11:31 am

[...] This post was mentioned on Twitter by CyG celebrities, WashIndependent. WashIndependent said: Obama to Sign Dodd-Frank Financial Regulatory Reform Bill Into Law Today – http://bit.ly/bIlFmw [...]


Obama to Sign Dodd-Frank Financial Regulatory Reform Bill Into Law Today
Pingback posted July 21, 2010 @ 11:39 am

[...] View full post on The Washington Independent [...]


World Wide News Flash
Trackback posted July 21, 2010 @ 11:41 am

Obama to Sign Dodd-Frank Financial Regulatory Reform Bill Into Law Today…

I found your entry interesting do I’ve added a Trackback to it on my weblog :)…


Obama: financial regulation law brings certainty – Reuters - Most hotest, Most latest Business News Online - Top Business News Online – Online News 28
Pingback posted July 21, 2010 @ 1:04 pm

[...] Obama to Sign Dodd-Frank Financial Regulatory Reform Bill Into Law … [...]


Obama: financial regulation law brings certainty – Reuters - Most hotest, Most latest U.S. News Online - Online News 28 – Top Stories in U.S.
Pingback posted July 21, 2010 @ 1:15 pm

[...] Obama to Sign Dodd-Frank Financial Regulatory Reform Bill Into Law … [...]


Dana Priest, Washington Post, Investigative Reporter
Pingback posted July 21, 2010 @ 1:18 pm

[...] Obama to Sign Dodd-Frank Financial Regulatory Reform Bill Into Law … [...]


Obama to Sign Dodd-Frank Financial Regulatory Reform Bill Into Law … Email Marketing On Me
Pingback posted July 21, 2010 @ 3:04 pm

[...] the original here:  Obama to Sign Dodd-Frank Financial Regulatory Reform Bill Into Law … By admin | category: equity home loan washington | tags: 30-day-delinquencies, [...]


GOLD ANALYSIS
Pingback posted July 21, 2010 @ 5:27 pm

[...] Obama to Sign Dodd-Frank Financial Regulatory Reform Bill Into Law … [...]


Obama to Sign Dodd-Frank Financial Regulatory Reform Bill Into Law Today and related… | Skoopio.com
Pingback posted July 21, 2010 @ 6:18 pm

[...] Read more here « Abbott Labs 2nd-quarter profit is steady as acquisitions lift sales, but costs also… Another Afghan soldier turns gun on Americans during weapons exercise » [...]


First the Democrats deregulate the financial services industry. It implodes. Now they want to reregulate it? | Personal services
Pingback posted July 21, 2010 @ 8:43 pm

[...] Obama to Sign Dodd-Frank Financial Regulatory Reform Bill Into Law Today « The Washington Inde… [...]


Barkingrat
Comment posted July 21, 2010 @ 10:37 pm

Why invite Blankfein or Dimon. After all, they wrote the legislation and are the only folks who really know what's in it anyway. None of these boobs read it – that's for sure. And certainly not the human Q-Tip we have in the oval office…


White House Touts Oil Industry Transparency in Financial Reform Bill
Pingback posted July 23, 2010 @ 5:03 pm

[...] just released a statement touting a provision in the financial reform bill, which President Obama signed into law Wednesday, that requires companies registered with the Securities and Exchange Commission to [...]


Frank Pushes for Warren for CFPB
Pingback posted July 23, 2010 @ 5:07 pm

[...] the head of the new Consumer Financial Protection Bureau. The new financial regulatory reform law signed by President Obama on Wednesday created the CFPB, a rule-making body for consumer products, and the [...]


Local SEO | Search Marketing | Internet Marketing in Tucson | Local Marketing Tucson
Pingback posted July 26, 2010 @ 12:50 pm

[...] Obama to Sign Dodd-Frank Financial Regulatory Reform Bill Into Law Today (washingtonindependent.com) [...]


Club Troppo » Last chance to weep for Iceland
Pingback posted April 19, 2011 @ 9:41 am

[...] Act was a mistake, and Obama did pursue regulation as far as he could. The progress of the Dodd-Frank Financial Regulatory Reform Bill wasn’t hampered by lack of support from Democrats in general, whereas only three Republicans [...]


RSS feed for comments on this post.

Sorry, the comment form is closed at this time.