Sunday, December 26, 2010

Obama signed financial reforms bill

Obama signed today from the largest since the Great Depression of the financial reform bill, this year's midterm elections will be debating how to implement the bill.
This marks the largest since the Great Depression during the financial regulatory system into a corrective bill to become law, regulators will have the largest U.S. bank to introduce new fees and restrictions on its business activities; the total 450 trillion U.S. dollars of derivatives implementation of the new market restrictions; and mortgages and credit card products for the establishment of a new consumer protection agency.
Bill signing ceremony held at the Reagan Building in Washington, Obama said at the ceremony, "This reform will help promote innovation rather than stifle innovation. The purpose of the reform is to make everyone follow the same rules, so that enterprises in the compete on price and quality, rather than compete in the deception and a trap. "
Obama signed the end of the year-long legislative struggle, through the financial crisis of 2008 and proposed corrective measures, the financial crisis has led to the bankruptcy of Lehman Brothers Holdings Inc., also caused the collapse of Wall Street and throughout the United States economy.

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