Another Big Deal: Wall Street Reform
Today, President Obama signed into law the most sweeping reforms of our financial system since the Great Depression and the strongest consumer protections in history.
We've put together a video that walks through what the bill means for the American people:
Here are a few highlights:
There's now a single agency responsible for looking out for consumers: the Bureau for Consumer Financial Protections. Instead of seven agencies dealing with these issues part-time, one agency will be in charge of establishing clear rules of the road for banks, mortgage companies, payday lenders and credit card lenders.
Mortgage brokers won't make a higher commission by selling people mortgages that they can't afford. This was a major factor in the recent housing crisis. Now brokers and banks have to take into consideration a borrower's ability to repay before giving a home loan.
You’ll be able to get a free credit score if you’re denied a loan, an apartment, or a job because of your credit, so you won’t be turned down without knowing why. Right now, you get one free credit report a year, but you can’t see your credit score for free, even if a lender or employer rejects your application because you have bad credit.
No more bailing out banks with our tax dollars, no more "too big to fail." If a company's in trouble because of risky gambles, it will have to liquidate -- and do so before it can take down the rest of the financial system.
To learn more and watch the video, head over to WhiteHouse.gov:
Yesterday, under pressure from the President, the Senate overcame a partisan minority and took an important step toward passing an extension of unemployment insurance. We need to keep the pressure on to ensure that there are no more delays and that this assistance gets to our friends and neighbors who lost their jobs during this crisis as soon as possible.
Their struggles are a staggering reminder of how much damage has been done and how many families have had it so tough for so long now -- in no small part due to reckless greed and irresponsibility hundreds or thousands of miles away on Wall Street.
The problem was that year after year, decade after decade, Wall Street gained more and more power in Washington, and they and their allies in Congress fought with everything they had to derail these reforms -- but this time there was a President who fought back, and this time they lost.
Let me tell you something: This President has been fighting for the middle class since Day 1. He stood strong for the Recovery Act that's created or saved 3 million jobs and cut taxes for 95 percent of working families. He fought tooth and nail against the insurance companies to pass health reform after seven previous presidents failed. And now the middle class has won out over the Wall Street lobbyists.
Wall Street reform is a big deal -- and it's only the latest major step forward for the American people.
P.S. If you've made it this far, I know you're interested in Wall Street reform. Check out the video, and share it with folks who might find it helpful:
Ralph - glad to hear it is an improvement - I depend on your knowledge to get to the bottom of this fine statements
Double dip, here we come! We're in this recession for the loooong haul now.
The result of this legislation is more power to the Federal Reserve and more jobs going away.
Corporations are not stupid... they will recognize the threat and take their jobs offshore.
If you are a CEO under the threat of US Regulators you simply take your business eleswhere. You set up entities that the Government can not regulate.
It's very easy for the entire financial industry to Incorporate out of the country and set up operations offshore.
How are you going to regulate them when their employees are all in India and China?
And the very best move... this does absolutely nothing to prevent another collapse.
It's all BS.
2,300 pages of crap... supposedly to be written by "Regulators" down the road.
It takes over 38 hours at a minute per page to read 2,300 pages.
This is another Mega Bill that is passed into law and nobody really has any real clue what it does, what it will do, or how it will be implemented.
But one thing for sure... jobs will be leaving, banking fees will go up, and we will have even more Government Employees leaching off what is left of the American Private Sector.
Obama = FAIL.
by William R. Wilson6 years ago
I got this in my email today. This is the sort of thing I hired Obama to do:Thoughts?
by Yes Dear6 years ago
se·di·tion [si-dish-uhn] Show IPA–noun1.incitement of discontent or rebellion against a government.2.any action, esp. in speech or writing, promoting such discontent or rebellion.Sara...
by TTanglewood5 years ago
It is interesting that in a time of increased risk of a double dip recession, our politicians have gone on recess without fixing the problems we all currently face.What is the single most important issue you want...
by Evan G Rogers5 years ago
Hey all,Here's a video I stumbled upon that uses *gasp* facts and statistics -- and history -- to illustrate that the current Occupy Wall Street movement is incorrect, naive, hypocritical, and just plain ol'...
by GA Anderson2 years ago
First and foremost; for you folks that like to comment on Political topics like this, I highly recommend a book by Suzanne McGee called Chasing Goldman-Sachs - You don't have to be a Wall Streeter to understand...
by Kathryn L Hill19 months ago
Big finance benefits the few instead of the many, but its not supposed to. Government has and does step in in many ways contributing to the problem.In so doing it has and does restrict free market capitalism. Wall...
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