WASHINGTON-- US President Barack Obama claims a moment of history Wednesday as he signs into law the most sweeping finance reform since the 1930s Great Depression.
The legislation, which some Republicans have already pledged to repeal if they regain power in Washington, will fundamentally overhaul the US government's regulation of Wall Street and create a political legacy for Obama.
Obama says the bill will cut down on a culture of greedy risk-taking and "shadowy deals" that triggered the worst financial crisis in generations.
His opponents though argue that the legislation punishes the whole banking industry for the sins of the few, and is another example of government intervention in the economy that will choke growth.
The administration touts the new law as an example for the rest of the world, as top global economies seek to flush out the causes of the crisis, from which they are now only slowly emerging.
"We reaffirmed our commitment to fiscal responsibility and reform," Obama said on Tuesday after his first White House talks with British Prime Minister David Cameron.
He called the bill "the toughest financial reforms since the aftermath of the Great Depression" and said it was part of a global effort to rebuild economic confidence since the economic crisis that erupted in 2008.
"And I commend David (Cameron) for his leadership in Europe to rebuild confidence in the financial sector," Obama said. "Together, we're determined to make sure the financial catastrophe that we are emerging from never happens again."
Obama was due to sign the financial reform legislation at the Ronald Reagan Building in Washington, and in the process bolster his claims as a significant reformer, following his health care reform law passed this year.
However, despite passing more significant legislation than any Democratic president in decades, Obama has yet to enjoy much of a political boost from fulfilling campaign promises.
His approval ratings are now between the mid 40s and 50 percent in most polls -- dangerous territory for a first-term president facing mid-term congressional elections in November in which Democrats fear heavy losses.
Many analysts put Obama's political woes down to the economy, and the slowing rebound -- with unemployment still at 9.5 percent, as many Americans feel pessimistic about their futures.
The financial reform bill may eventually become popular with everyday Americans, but much of it, like the health care bill, is so complicated that it will not come into force for months.
For instance, it will be up to 12 months before a new Consumer Financial Protection Bureau is set up to protect American consumers from hidden fees, and deceptive lending practices when they get a new mortgage or credit card.
Similarly, it will take up to 18 months to set up new regulations to stop banks from engaging in impermissible proprietary trading and investment in hedge funds -- a new system known as the Volcker rule after former Federal Reserve chief Paul Volcker.
The legislation also closes loopholes in regulations and requires greater transparency and accountability for hedge funds, mortgage brokers and payday lenders, and arcane financial instruments called derivatives.
Just three Republicans -- Olympia Snowe and Susan Collins of Maine and Scott Brown of Massachusetts -- backed the bill in the Senate, where it squeaked through last week after passing the House of Representatives in June.
Source: Inquirer
Subscribe to:
Post Comments (Atom)
Blog Archive
-
▼
2010
(1497)
-
▼
July
(561)
- WAYNE ROONEY told us loves our HAIR STYLES
- KATE GOSSELIN Hair Styles
- Women Hair Styles
- Happy 21st Birthday Daniel Radcliffe!
- Remember This? Young harry Potter
- Jennifer Love Hewitt Has A New Man – Alex Beh (Pho...
- New Michael Jackson Album Out in November | Allie ...
- Selena Gomez is Ready to Launch New Clothing Line
- Jung Yong Hwa and Seohyun take their driving test
- Prisa plays Andy Mckee "Drifting"
- Selena Gomez To Bieber: "You're Short. Embrace It....
- Gwen Stefani Is Back In The Studio & More! [Celebr...
- Katy Perry hadiahi pacarnya Wisata ke Luar Angkasa
- JADWAL PUTAR-Bioskop Blitzmegaplex - The Largest C...
- detik Finance : Benarkah Rp 1.000 Jadi Rp 1?
- The Black Eyed Peas perform in Central Park for Go...
- Jessica Alba is vacationing in Provence, France (3...
- Jessica Biel Looks Georgeous
- T.I. Now Living the Married Life
- Mahasiswa Indonesia Juara Kompetisi Tekno Pangan I...
- BoA and Rino practicing for comeback stage!
- Dina Lohan: Lindsay "Doesn't Even Have a Pillow" i...
- Gray-Haired Matt LeBlanc: "I Dyed My Hair the Whol...
- Katie Holmes: Louboutin Lovely
- Kim Kardashian's Relaxing Work-Free Day
- Nicole Scherzinger: Rehearsing for Rent Stage Show
- Gado-Gado Indonesia Juara di Napoli, Italia
- Rookie group 20star to debut in August
- Kanye West Joins Twitter, Raps for Facebook
- Stephanie Pratt was spotted with a new man in Holl...
- Madonna: Ready to Film in the French Riviera
- Ashley Greene: Fit & Fabulous
- KARA Mister(Japanese Ver)
- KARA unleashes MV for Japanese version of Mister!
- Mahasiswa Indonesia Raih Prestasi Internasional Bi...
- [New WR] Multiple Blinfolded at Jakarta Open 2010
- Indonesia Pemegang Rekor RUBIK Dunia
- SALT-Angelina Jolie
- Killers-Ashton kutcher & Katherine Heigl
- Megan Fox and Brian Austin Green were spotted all ...
- Ashley Greene: apartment hunting
- Justin Bieber almost gets trampled-Glendale AZ Jul...
- Zac Effron di JFK Airport
- Snoop Dog di San Diego Sea World
- Angelina Jolie di Comic Con
- Kirsten Dunst Press Conference di Swedia
- Lindsay Lohan's Jail time
- 나인뮤지스 세라 오디션영상 / Nine Muses Sera Audition Video
- Nine Muses leader Ryu Sera reveals audition video
- Finally ,Miss A said "Say A" is their fan club name!
- miss A announces their official fanclub name
- Event Terrant di Ekalokasari Bogor
- Katy Perry ft. Snoop Dogg - California Girls ( Off...
- Taylor Swift Rumored Dating Music Video Co-Star To...
- Bridesmaid Hairstyle for All the Bridesmaids
- Mischa Barton Quits Drinking
- Lindsay Lohan Has Made Friends in Jail
- Christina Applegate to Launch Cancer Charity in Se...
- Boxer's new strategy: Go after the 'bad hair' vote
- Emilie Autumn - "Opheliac" (video)
- Iran Brazil Turkey to Discuss Nuclear Fuel Swap
- Iran Won t Trade with Countries Imposing Sanctions
- Montoya grabs pole for Brickyard 400
- Hair Wigs for Women
- Juan Pablo Montoya wins pole for NASCAR Brickyard
- Justin Timberlake and Jessica Biel: Bicycle Buddies
- Justin Timberlake and Jessica Biel: Bicycle Buddies
- Hilary Duff: Salon Stylish
- Hilary Duff: Salon Stylish
- Amanda Bynes Changes Mind, Unretires
- Amanda Bynes Changes Mind, Unretires
- SNSD’s Seohyun and Shin Se Kyung look alike?
- SNSD’s Seohyun and Shin Se Kyung look alike?
- [M/V] SE7EN「Better Together (Dance Ver.)」MV (HD)
- [M/V] SE7EN「Better Together (Dance Ver.)」MV (HD)
- Se7en releases dance version MV for Better Together
- Se7en releases dance version MV for Better Together
- Charice makes an appearance on Star King
- Charice makes an appearance on Star King
- Picture of Miley Cyrus and Demi Moore From the Set...
- Picture of Miley Cyrus and Demi Moore From the Set...
- Alesha Dixon Unveils New Single 'Drummer Boy' and ...
- Alesha Dixon Unveils New Single 'Drummer Boy' and ...
- How to Wear Makeup that Suits Your Mood
- Britney's Hair disaster
- Britney's Hair disaster
- Eminem - Lose Yourself HD Official Music Video Wit...
- Eminem - Lose Yourself HD Official Music Video Wit...
- Web Snob July 23rd, 2010
- Boxer's new strategy: Go after the 'bad hair' vote
- BoA’s 6th album will drop on August 2nd
- AirTran Airways Customers Affected by Flooding in ...
- BoA’s 6th album will drop on August 2nd
- Raid in North Africa Kills 6 Alleged al-Qaida | Hu...
- Dow S&P 500 Briefly Rise | HumPunjabi.com
- Rain’s drama Fugitive headed to Hong Kong, Thailan...
- Oil Spill Work on Hold as Bonnie Approaches | HumP...
- Rain’s drama Fugitive headed to Hong Kong, Thailan...
- Free iPhone 4 Cases- Belkin Griffin Incase and Spe...
- iPhone 4 Case Otterbox: Pure Protection | HumPunja...
-
▼
July
(561)
0 comments:
Post a Comment