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Wall Street reform becomes law
By Edith Barlow on Jul 21st, 2010
As many Americans work to get out from under mounds of credit card debt and faltering mortgage loans, President Barack Obama signed what he called the strongest consumer financial protections in history.
The Wall Street Reform and Consumer Financial Protection Act represented the work of both houses of Congress and includes a new bureau that would monitor financial products, such as those tied to credit card debt. The president said consumers would no longer be saddled with fees hidden deep within lengthy, indecipherable contracts.
"The fact is every American, from Main Street to Wall Street, has a stake in our financial system," Obama said.
This isn't the first set of regulations passed by the government since Obama took office. The Credit Card Accountability, Responsibility and Disclosure Act has also attempted at adding protections to Americans, while also connecting them with services that could help them pay off debt.
With the Credit CARD Act, companies are required to include a phone number that connects cardholders to consumer credit counseling agencies, which may provide a number of services that can help reduce debt.
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