After many months of hard work and disagreements, President Barack Obama was finally able to sign the Wall Street reform bill. Originally, the deadline for his signature was July 4, but July 21 was just as good in the eyes of supportive lawmakers and American citizens.
The bill is meant to target the financial risk-taking that sparked the global meltdown in 2008-2009 and aims to strengthen consumer protections. Now that reform has been signed into law, said Obama, no taxpayers will be asked to foot the bill for a company bailout again. In addition, complex financial products will be more transparent and companies will become stronger to prevent future failures (Reuters).
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What people don’t know about this bill is it gives the government “big brother” powers to view private citizens credit card and debit card purchases. We let this bill go thru. Shame on us.