*Another day. Another legislative victory.
President Obama today signed into law the most sweeping reform of financial rules since the Great Depression, saying, the “American people will never again be asked to foot the bill for Wall Street’s mistakes.”
The signing ended the arduous, yearlong effort to push the lengthy bill through Congress in the face of heavy lobbying by the financial industry and nearly unanimous opposition by Republicans. And it sets the stage for midterm elections this fall, when Republicans hope to make significant inroads into the Democratic majority.
Some business groups have slammed the new measures.
“This is nothing more than a financial regulatory boondoggle,” The U.S. Chamber of Commerce said in a statement. “It won’t strengthen our capital markets, it won’t jumpstart the economy, and it won’t help create any new jobs except in government.”