Obama Signs Wall Street Reform Bill Into Law
President Barack Obama today signed the most expansive financial legislation since the Great Depression into law.
On stage with him was Vice President Joe Biden, Secretary of the Treasury Timothy Geithner, Senator Blanche Lincoln, Seantor Chris Dodd, Representative Barney Frank, Senator Harry Reid, Speaker Nancy Pelsoi, and a bunch more. While the President praised the monumental achievement of both Houses and his financial team, he singled out Senator Dodd and Rep. Frank for designing the legislation, both of whom were met with a standing ovation. He gratefully thanked Speaker of the House, Nancy Pelosi and Senate Majority leader Harry Reid for their leadership, but also saved some of his praise for the three Republican Senators who joined Democrats in support of the bill, and the Republican members of the House who joined them as well. There was a long series of applause for both sentiments.
As for the efficacy of the legislation, it's an open question as to whether or not it can stop another economic collapse. However, it's being touted as historic because of the creation of a consumer protection agency, although critics would argue that it won't be as effective because it's housed within the Federal Reserve. The question as to who will lead this new office is heating up, with the popular choice being Elizabeth Warren, while it has been reported that Timothy Geithner absolutely does not want her as the head of the Consumer Protection Agency. It should be interesting to see who the White House decides to nominate, especially during election season.
The new derivatives rules are also being hailed as a success, if only partially, because for the first time organizations trading in the derivatives market will actually have to register to do so in the United States. Some light will now actually shine into the previously unknown depths that market, although not entirely.
Is it perfect? Probably not. But, I'm getting the feeling that when President Obama signed health reform into law and said that, "this is what change looks like", he was accurate.
Watch the signing ceremony below:
On stage with him was Vice President Joe Biden, Secretary of the Treasury Timothy Geithner, Senator Blanche Lincoln, Seantor Chris Dodd, Representative Barney Frank, Senator Harry Reid, Speaker Nancy Pelsoi, and a bunch more. While the President praised the monumental achievement of both Houses and his financial team, he singled out Senator Dodd and Rep. Frank for designing the legislation, both of whom were met with a standing ovation. He gratefully thanked Speaker of the House, Nancy Pelosi and Senate Majority leader Harry Reid for their leadership, but also saved some of his praise for the three Republican Senators who joined Democrats in support of the bill, and the Republican members of the House who joined them as well. There was a long series of applause for both sentiments.
As for the efficacy of the legislation, it's an open question as to whether or not it can stop another economic collapse. However, it's being touted as historic because of the creation of a consumer protection agency, although critics would argue that it won't be as effective because it's housed within the Federal Reserve. The question as to who will lead this new office is heating up, with the popular choice being Elizabeth Warren, while it has been reported that Timothy Geithner absolutely does not want her as the head of the Consumer Protection Agency. It should be interesting to see who the White House decides to nominate, especially during election season.
The new derivatives rules are also being hailed as a success, if only partially, because for the first time organizations trading in the derivatives market will actually have to register to do so in the United States. Some light will now actually shine into the previously unknown depths that market, although not entirely.
Is it perfect? Probably not. But, I'm getting the feeling that when President Obama signed health reform into law and said that, "this is what change looks like", he was accurate.
Watch the signing ceremony below:
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