[/caption]President Obama signed the Wall Street reform bill today. The President was joined by a wide array of nearly 400 individuals who were instrumental in passing this historic legislation, including consumer advocates, business leaders, state and local officials, members of Congress, and Americans who will be impacted by reform.
This bill basically means more protection for the consumer. On about 2,300 pages this bill lays out the exact measures that should prevent a financial crisis like the current one from occurring in the future.
Here are some things that the bill entails:
It will give better protection for consumers against increasing rates on credit card balances.
It will be made more difficult for Mortgage brokers to sell mortgages that the consumer can not afford.
Free annual credit reports for everybody, so consumers can know where they are standing in regards to their credit.
Bailouts are against the law now. If a company is run into the ground, they have to shut down now.
Shareholders of public companies now have an increased input over how much a CEO gets as a salary.
There are stricter controls in regards to investment brokers that should prohibit them from giving wrong advice.
Banks and other financial institutions are limited in size now, so that one company can not take down the whole economy.
A new agency will be established that has the role to protect the consumer in regards to banks, mortgage companies, payday lenders, and credit card lenders.
Charging extra fees for debit card transactions that exceed the cost of prosessing transactions is no longer possible.
More information on the Wall street reform is available here at WhiteHouse,gov or at financialstability.gov.
Here is a video that describes the Wall Street reform:
A quick and simple animated explanation of how Wall Street Reform will work and what the strongest consumer protections in history will mean for you and your family.
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