Washington: US President Barack Obama
would Wednesday sign into law the sweeping Wall Street Reform
Bill that was passed by both the Chamber of the Congress -
House of Representatives and the Senate - last week.
The White House today announced that Obama would sign
the bill at a public ceremony to be attended by key architects
of the Wall Street Reform that seeks to make financial
institutions more accountable and prevent the reoccurrence of
the collapse of the market as it happened in 2008.
Passed by the Congress the sweeping financial overhaul
legislation is considered to be a major legislative and
political victory for the US President, whose poll numbers
have experienced a downward slide this year.
After the passage of the Health Care Reform Bill, this
is the second major legislative achievement of his presidency
"From now on, every American will be empowered with
the clear and concise information you need to make financial
decisions that are best for you. This bill will crack down on
abusive practices and unscrupulous mortgage lenders," Obama
said last week.
"It will reinforce the new credit card law we passed
banning unfair rate hikes, and ensure that folks aren`t
unwittingly caught by overdraft fees when they sign up for a
checking account," he said, adding that it will give students
who take out college loans clear information and make sure
lenders don`t cheat the system.
"It will ensure that every American receives a free
credit score if they are denied a loan or insurance because of
that score. All told, this reform puts in place the strongest
consumer financial protections in history, and it creates a
new consumer watchdog to enforce those protections," he said.