Wall Street Reform Set Into Motion Wednesday At Signing Ceremony

Wednesday, the President finally signed the Wall Street Reform bill. The financial reform bill should change the financial industry more than anything else 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. Post resource – Wall Street reform set into motion Wednesday at signing ceremony by Personal Money Store by Personal Money Store

.

Financial reform bill changes the laws

The bill was signed by Obama after debate and two years after Wall Street hurt the U.S. economy. Politico reports that Democrats hoped to produce a strong bipartisan financial reform bill, but in the end it barely passed within the Senate with a handful of Republican votes. 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.

Those at the signing ceremony

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 people who weren’t there speak volumes about the bill. Among those who did not receive a signing ceremony invitation were Wall Street titans James Gorman of Morgan Stanley, Lloyd Blankfein of Goldman Sachs, John Stumpf of Wells Fargo and Jamie Dimon of J.P. Morgan Chase.

Reforming Wall Street almost

Republicans and Wall Street have given Obama a lot of criticism which he challenged. 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.” The president also said the meat of the financial reform bill could be left to regulators and that Wall Street greed will still have wiggle room to maneuver. It could be longer than a year for many of the regulations within the bill to start taking place.

Republicans call financial reform a Wall Street bailout?

Republicans argue that the financial reform bill just helps Wall Street and doesn’t even address the problem that caused the financial crisis. It was reported by CBS News that House Republican leader John Boehner who was not invited to the signing feels the bill “provides permanent bailouts for his Wall Street allies at the expense of community banks and small businesses around the country, when doing nothing to reform Fannie Mae and Freddie Mac, the government mortgage companies that triggered the financial meltdown by giving too numerous high-risk loans to people who could not afford them.”

Article Sources

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