Sweeping financial overhaul about to become law; victory for Obama
By Jim Kuhnhenn, APWednesday, July 21, 2010
Obama poised to sign sweeping financial overhaul
WASHINGTON — President Barack Obama is set to sign a sweeping overhaul of financial regulations Wednesday, nearly two years after Wall Street’s failures knocked the economy into the worst recession since the Great Depression.
The law assembles a powerful council of regulators to be on the lookout for risks across the finance system and creates a new agency to guard consumers in their financial transactions.
It also places shadow financial markets under new scrutiny and gives the government new powers to break up companies that threaten the economy.
Many of the law’s provisions won’t take effect for at least a year as regulators scramble to write new rules and implement them.
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