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Wall Street Reform Law Signed by U.S. President Obama : How Will This Law Help Americans?

By Andis Kaulins

The
Restoring American Financial Stability Act
is now law.

• Check out at the Huffington Post 10 Ways New Wall Street Reform Law Will Help You, Rep. John B. Larson, Chairman of the Democratic Caucus in the U.S. House of Representatives.

We just received Whitehouse email about this law -- -- from U.S. Vice-President Joe Biden, as follows:

"Today, President Obama signed into law the most sweeping reforms of our
financial system since the Great Depression and the strongest consumer
protections in history.

We've put together a video that walks through what the bill means for the
American people:

Here are a few highlights:

• There's now a single agency responsible for looking out for consumers: the
  Bureau for Consumer Financial Protections. Instead of seven agencies dealing
  with these issues part-time, one agency will be in charge of establishing clear
  rules of the road for banks, mortgage companies, payday lenders and credit card
  lenders.
  
• Mortgage brokers won't make a higher commission by selling people mortgages
  that they can't afford. This was a major factor in the recent housing crisis.
  Now brokers and banks have to take into consideration a borrower's ability to
  repay before giving a home loan.
  
• You?ll be able to get a free credit score if you?re denied a loan, an
  apartment, or a job because of your credit, so you won?t be turned down without
  knowing why. Right now, you get one free credit report a year, but you can?t see
  your credit score for free, even if a lender or employer rejects your
  application because you have bad credit.
  
• No more bailing out banks with our tax dollars, no more "too big to fail."
  If a company's in trouble because of risky gambles, it will have to liquidate --
  and do so before it can take down the rest of the financial system.

To learn more and watch the video, head over to WhiteHouse.gov:
http://www.whitehouse.gov/WallStreetReformVideo

Yesterday, under pressure from the President, the Senate overcame a partisan
minority and took an important step toward passing an extension of unemployment
insurance. We need to keep the pressure on to ensure that there are no more
delays and that this assistance gets to our friends and neighbors who lost their
jobs during this crisis as soon as possible.

Their struggles are a staggering reminder of how much damage has been done
and how many families have had it so tough for so long now -- in no small part
due to reckless greed and irresponsibility hundreds or thousands of miles away
on Wall Street.

The problem was that year after year, decade after decade, Wall Street gained
more and more power in Washington, and they and their allies in Congress fought
with everything they had to derail these reforms -- but this time there was a
President who fought back, and this time they lost.

Let me tell you something: This President has been fighting for the middle
class since Day 1. He stood strong for the Recovery Act that's created or saved
3 million jobs and cut taxes for 95 percent of working families. He fought tooth
and nail against the insurance companies to pass health reform after seven
previous presidents failed. And now the middle class has won out over the Wall
Street lobbyists.

Wall Street reform is a big deal -- and it's only the latest major step
forward for the American people.

Sincerely,

Joe Biden
Vice President

P.S.  If you've made it this far, I know you're interested in Wall Street
reform. Check out the video, and share it with folks who might find it
helpful:
http://www.whitehouse.gov/WallStreetReformVideo

Full post as published by LawPundit on July 21, 2010 (boomark / email).