Moments ago, Pres. Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, meant to protect borrowers from abusive lending practices.
The legislation, one of Obama’s top priorities since taking office, is intended to prevent another massive credit crisis like the one that rocked the stock market and prompted the current economic troubles.
“These reforms represent the strongest consumer financial protections in history,” Obama said just before he signed the bill. “There will be no more tax-funded bailouts. Period.”
