Fact #28
President Obama Signed Dodd-Frank Wall Street Reform and Consumer Protection Act (July 21, 2010)Year after year, Wall Street has lobbied tons of Congressmen and left the American people with millions of jobs lost, a drop in housing prices, and the cut in personal savings and retirement accounts. President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act on July 21, 2010 to get American economy back to the American people. Specifically, a new watchdog was added to the Federal Reserve to ensure that consumers receive full and accurate information while purchasing products and services. The act also eliminated the loopholes that to the instability of the economy such as mortgage brokers and payday lenders. Instead of waiting for the problem to occur and solve it, this act creates an advance warning system that allows the council to notice and fix any activities, products, or business that can threaten the economy and individual consumers.
Sources:
http://www.sec.gov/about/laws/wallstreetreform-cpa.pdf
http://thomas.loc.gov/cgi-bin/query/D?c111:6:./temp/~c111rzYXbb
http://docs.house.gov/rules/finserv/111_hr4173_finsrvcr.pdf
http://www.fdic.gov/deposit/deposits/unlimited/
http://portal.hud.gov/hudportal/HUD?src=/hudprograms/Dodd_Frank