US passes reforms to its banking system
By Jim Kuhnhenn |
July 23, 2010, Friday
|
Print Edition
Print Edition
A TRIUMPHANT Barack Obama signed into law on Wednesday the most sweeping United States overhaul of lending and high-finance rules since the Great Depression. The legislation adds safeguards for millions of consumers and aims to restrain Wall Street excesses that could set off a new recession.
The president's signing ceremony capped nearly two years of intense and partisan debate over how to avoid a recurrence of the 2008 financial meltdown that buckled the US economy and left sharp, lasting imprints on American politics and homes.
"Because of this law, the American people will never be asked again to foot the bill for Wall Street's mistakes," Obama said.
In a heated midterm election season that has dented his public support, Obama sought to put the complex law in pocketbook terms. Emphasizing provisions that guard borrowers from abusive lenders, he claimed it provides "the strongest financial protections for consumers in the nation's history."
Not everyone agreed. Republicans portrayed the bill as a burden on small banks and businesses that rely on them and argued that it will cost consumers and impede job growth.
Republican Representative Mike Pence, a member of the House of Representatives' Republican leadership group, joined House Minority Leader John Boehner in demanding that the law be repealed.
The law, passed despite almost unanimous Republican opposition, attempts to catch up to a financial system that has sped ahead of outdated regulation and rules that allowed banks, traders and others to take more risks.
The new rules, however, are only at a midpoint. Banking and market regulators will have up to two years to write many of the new regulations.
The president's signing ceremony capped nearly two years of intense and partisan debate over how to avoid a recurrence of the 2008 financial meltdown that buckled the US economy and left sharp, lasting imprints on American politics and homes.
"Because of this law, the American people will never be asked again to foot the bill for Wall Street's mistakes," Obama said.
In a heated midterm election season that has dented his public support, Obama sought to put the complex law in pocketbook terms. Emphasizing provisions that guard borrowers from abusive lenders, he claimed it provides "the strongest financial protections for consumers in the nation's history."
Not everyone agreed. Republicans portrayed the bill as a burden on small banks and businesses that rely on them and argued that it will cost consumers and impede job growth.
Republican Representative Mike Pence, a member of the House of Representatives' Republican leadership group, joined House Minority Leader John Boehner in demanding that the law be repealed.
The law, passed despite almost unanimous Republican opposition, attempts to catch up to a financial system that has sped ahead of outdated regulation and rules that allowed banks, traders and others to take more risks.
The new rules, however, are only at a midpoint. Banking and market regulators will have up to two years to write many of the new regulations.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
