Snap Fact #120

In 2010, President Obama signed several historic Wall Street reform bills into law. The purpose of this legislation was to get American business back to the serving the American public. These omnibus bills were aimed at regulating illegal actions taken by big corporations, increasing consumer protection, ending abusive practices by employers, and minimizing lobbyists’ access to the government to ensure that citizens had a louder voice in governance than special interests. 

At the time the bills were signed the President stated that, “The fact is, the financial industry is central to our nation’s ability to grow, to prosper, to compete and to innovate. There are a lot of banks that understand and fulfill this vital role, and there are a whole lot of bankers who want to do right -- and do right -- by their customers. This reform will help foster innovation, not hamper it. It is designed to make sure that everybody follows the same set of rules, so that firms compete on price and quality, not on tricks and not on traps."

As we know these results have not been fully achieved to date. The opposition has pushed back as hard as they could in order to gum up these initiatives that were meant to better the country. Should the President be awarded a second term, one with a supportive Congress, reforms such as these will be instituted for the benefit of all of us. 

Sources:

http://www.whitehouse.gov/blog/2010/07/21/president-obama-signs-wall-street-reform-no-easy-task

http://www.huffingtonpost.com/2010/07/21/barack-obama-to-sign-swee_n_653954.html

http://articles.cnn.com/2010-07-21/politics/finance.reform_1_consumer-financial-protection-bureau-financial-crisis-financial-firms?_s=PM:POLITICS

http://money.cnn.com/2010/07/15/news/economy/Wall_Street_reform_bill_vote/index.htm