Obama on new law: 'No more taxpayer bailouts'

obama_signing_gi.top.jpgPresident Obama signs the Wall Street reform bill into law, with Vice President Joseph Biden and several key lawmakers watching. By Annalyn Censky, staff reporter


NEW YORK (CNNMoney.com) -- After more than a year of effort by its advocates, President Obama signed the Wall Street reform bill into law Wednesday, promising that the measure will put an end to taxpayer-funded bailouts of failed banks.

"Because of this law, the American people will never again be asked to foot the bill for Wall Street's mistakes," Obama said in a ceremony at the Ronald Reagan Building in Washington. "There will be no more taxpayer-funded bailouts. Period."

Considered the most sweeping overhaul of the financial system since the New Deal, the law immediately gives regulators stronger powers to break up financial companies that have grown too big.(Want to know what happens next? Read about Wall Street reform's timeline.)

Among its many provisions, the law also attempts to shine a light on complex financial products called derivatives and creates a new consumer protection agency that will set rules to curb unfair practices in consumer loans and credit cards.

"These reforms represent the strongest consumer financial protections in history," Obama said. "And these protections will be enforced by a new consumer watchdog with just one job: looking out for people - not big banks, not lenders, not investment houses - in the financial system."

At the signing, Obama was flanked by a number of lawmakers who worked on the legislation, including Sen. Christopher Dodd, D-Conn., and Rep. Barney Frank, D-Mass., the two committee chairmen who sponsored the bill.

Elizabeth Warren, the Harvard law professor considered a leading candidate to run the consumer protection agency, was among the President's 400 guests on an invitation list to the ceremony. Also invited were Vikram Pandit, the chief executive of bailed-out Citigroup, and Bob Diamond, president of British lender Barclays.  To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,122.01 15.31 0.09%
Nasdaq 4,569.62 -1.02 -0.02%
S&P 500 2,000.12 0.10 0.00%
Treasuries 2.36 -0.03 -1.25%
Data as of 4:03am ET
Company Price Change % Change
Bank of America Corp... 16.20 -0.13 -0.80%
Apple Inc 102.13 1.24 1.23%
Facebook Inc 74.63 -1.33 -1.75%
Yahoo! Inc 38.18 0.39 1.03%
Pfizer Inc 29.49 0.28 0.96%
Data as of Aug 27

Sections

Staggering interest from the Chinese in an immigration program has led the U.S. to run out of available visas for the first time ever. More

Former Fed chief Ben Bernanke believes the 2008 financial crisis was the worst in global history, topping even the Great Depression. More

Snapchat has gotten a $20 million funding round from Kleiner Perkins, valuing the company at $10 billion, according to the Wall Street Journal. More

Utah State professor Michael Glauser cycled 4,000 miles this summer, visiting 100 entrepreneurs across the country. Here's a snapshot of how they grew their businesses. More

Five CNNMoney readers share stories about saving that you can learn from: What they would do differently if they had another chance. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.