Make us your home page
Instagram

Obama signs sweeping financial overhaul into law

WASHINGTON — Reveling over a new milestone in his presidency, a triumphant Barack Obama on Wednesday signed into law the most sweeping overhaul of lending and high-finance rules since the Great Depression, adding safeguards for millions of consumers and aiming to restrain Wall Street excesses that could set off a new recession.

The signing capped nearly two years of intense debate over how to avoid a recurrence of the 2008 financial meltdown that buckled the U.S. economy and has left sharp, lasting imprints on the nation's politics and in Americans' homes.

Obama, emphasizing provisions that guard borrowers from abusive lenders, claimed "the strongest financial protections for consumers in the nation's history."

Not everyone agreed. Republicans portrayed the bill as a burden on small banks and the businesses that rely on them and argued that it will cost consumers and actually impede job growth.

The law, approved by a Congress mostly divided along partisan lines, represents the most ambitious effort to clamp down on banks and the financial markets since the Great Depression.

The new rules, however, are only at a midpoint. Banking and market regulators will have up to two years to write many of the new regulations required by the law, extending uncertainty and ushering in a new phase of lobbying by financial firms.

"Regulators will have to be vigilant," Obama said.

The law gives regulators new authority to liquidate large, interconnected financial firms that are failing. It also crates a powerful independent consumer financial protection bureau within the Federal Reserve to write and enforce regulations covering lending and credit.

Republicans have argued that the law will hurt rather than help people still hurting from the recession.

"Millions of Americans are struggling to find jobs, and yet all they see in Washington are Democrats passing massive bills that, at their core, seem to have one thing in common: more job loss," Minority Leader Mitch McConnell, R-Ky., said on the Senate floor Wednesday.

Obama signs sweeping financial overhaul into law 07/21/10 [Last modified: Thursday, July 22, 2010 3:21pm]
Photo reprints | Article reprints

Copyright: For copyright information, please check with the distributor of this item, Associated Press.
    

Join the discussion: Click to view comments, add yours

Loading...
  1. In advertising, marketing diversity needs a boost in Tampa Bay, nationally

    Business

    TAMPA — Trimeka Benjamin was focused on a career in broadcast journalism when she entered Bethune-Cookman University.

    From left, Swim Digital marketing owner Trimeka Benjamin discusses the broad lack of diversity in advertising and marketing with 22 Squared copywriter Luke Sokolewicz, University of Tampa advertising/PR professor Jennifer Whelihan, Rumbo creative director George Zwierko and Nancy Vaughn of the White Book Agency. The group recently met at The Bunker in Ybor City.
  2. Tampa Club president seeks assessment fee from members

    News

    TAMPA — The president of the Tampa Club said he asked members last month to pay an additional assessment fee to provide "additional revenue." However, Ron Licata said Friday that the downtown business group is not in a dire financial situation.

    Ron Licata, president of the Tampa Club in downtown Tampa. [Tampa Club]
  3. Under Republican health care bill, Florida must make up $7.5 billion

    Markets

    If a Senate bill called the Better Care Reconciliation Act of 2017 becomes law, Florida's government would need to make up about $7.5 billion to maintain its current health care system. The bill, which is one of the Republican Party's long-promised answers to the Affordable Care Act imposes a cap on funding per enrollee …

    Florida would need to cover $7.5 billion to keep its health care program under the Republican-proposed Better Care Reconciliation Act of 2017.  [Times file photo]
  4. Amid U.S. real estate buying binge by foreign investors, Florida remains first choice

    Real Estate

    Foreign investment in U.S. residential real estate recently skyrocketed to a new high with nearly half of all foreign sales happening in Florida, California and Texas.

    A National Association of Realtors annual survey found record volume and activity by foreign buyers of U.S. real estate. Florida had the highest foreign investment activity, followed by California and Texas. [National Association of Realtors]
  5. Trigaux: Tampa Bay health care leaders wary of getting too far ahead in disruptive times

    Business

    Are attempts to repeal Obamacare dead for the foreseeable future? Might the Affordable Care Act (ACA), now in dire limbo, be revived? Will Medicaid coverage for the most in need be gutted? Can Republicans now in charge of the White House, Senate and House ever agree to deliver a substitute health care plan that people …

    Natalia Ricabal of Lutz, 12 years old, joined other pediatric cancer patients in Washington in July to urge Congress to protect Medicaid coverage that helped patients like Ricabal fight cancer. She was diagnosed with Ewing's sarcoma in 2013 and has undergone extensive treatments at BayCare's St. Joseph's Children's Hospital in Tampa. [Courtesy of BayCare]