Obama to sign financial regulation bill into law
President will tout broader economic benefits of consumer protections
by Matt Spetalnick
July 21, 2010
WASHINGTON — U.S. President Barack Obama Wednesday will tout the broader economic benefits of new consumer financial protections when he signs into law the most sweeping financial regulatory overhaul since the Great Depression.
Here are President Obama’s remarks last week, July 15, 2010, after bill’s passage in the Senate.
His speech from today will be added later.
“These reforms represent the strongest consumer financial protections in history,” Obama will say, according to an advance excerpt of his speech released by the White House.
“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. Now, that’s not just good for consumers, that’s good for the economy,” he will say.
The Senate last week gave final approval to far-reaching legislation sought by the Obama administration to tighten rules on Wall Street and across the financial industry in an effort to avoid a repeat of the 2007-2009 financial crisis.
With Republicans poised for big gains in the November congressional elections, Obama’s Democrats are eager to show voters that they have tamed an industry that dragged the economy into its deepest recession in 70 years.
But it remains unclear whether Obama can gain much traction from the legislative victory with Americans still anxious about high unemployment and ballooning deficits.
The bill won Democrats few friends on Wall Street as wealthy donors have started to steer more campaign contributions to Republicans, who voted overwhelmingly against the reform package.
Obama will deliver remarks and sign the bill at 11:30 a.m. ET at the Ronald Reagan Building in Washington.
It includes creation of a new Bureau of Consumer Financial Protection, which will regulate products ranging from credit cards to mortgages. The administration considered it one of the most critical parts of the bill.
Obama’s audience of around 400 will be made of people “instrumental in passing this historic legislation” — including consumer advocates, business leaders, state and local officials and top lawmakers — as well as Americans affected by the financial crisis, a White House official said.