U.S. President Barack Obama would tomorrow 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 Mr. 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 U.S. 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 this year.
"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," Mr. 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.
