No more exorbitant credit card rate hikes, and unexpected overdraft fees. No more footing the bill for Wall Street. No more complex mortgage fees.
That was the order of the day set by President Obama as he signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act during a ceremony at the Ronald Reagan Building today. (See video).
President Obama signs the Dodd-Frank Wall Street Reform and Consumer Protection Act into law. Photo/CD Brown.
The President was joined by an array of individuals instrumental in the legislation, including consumer advocates, business leaders, state and local officials, and members of Congress, including two Americans Americans struggled with credit card rate hikes.
A package so good that Frank thinks Republicans won't want to repeal it.
"I believe, [number] one, the consumer protection act will become so popular they’ll forget about even trying. Secondly, they’re not even going to be in the position to try it", said Frank.
Quite a different take from the comment we received from Maryland Congressman, Steny Hoyer who told us House Republican Leader John Boehner has already planned to repeal the bill.
But the Democrats are prepared.
"We know that the kind of progressive work that’s done on a bill like this is going to get opposition from people who care more about Wall Street than they do about Main Street. And so we will meet the challenge, we will deal with it, and we are not going to allow this bill to be repealed", said Congresswoman Maxine Waters.
Congressman Emanuel Clever, III (D-MI) said the bill looms with ideas that came from Republicans.
"I think it’s just one of those times when we can point to a very real problem that government has essentially resolved. It’s going to take a very long time before all of the different components of the Financial Reform Bill are implemented, but there’s no question that future generations will not face the kind of melt down that damaged us because of what we have accomplished over the last two years, and the signing today."
The law will not only terminate unscrupulous practices by credit card companies but will also crack down on abusive practices in the mortgage industry and large financial institutions.
"If a large financial institution should ever fail, this reform gives us the ability to wind it down without endangering the broader economy. And there will be new rules to make clear that no firm is somehow protected because it is “too big to fail,” so that we don’t have another AIG", said President Obama.
"There will be no more taxpayer-funded bailouts. Period."
Said Congresswoman Maxine Waters (D-CA), "For the first time, perhaps ever, in the history of this country we have legislation that is really going to regulate the financial services industry and protect consumers and give this country an opportunity to dig out from under the mess that was created by them when we had to bail them out."
Congressman J.C. Watts calls the bill "a culmination of a long hard struggle" going back to 2004 when he helped introduced the anti-predatory lending bill. "It’s been a long process and I’m delighted that we’ve finally gotten to this point."
The president also recognized Senator Harry Reid and Speaker Nancy Pelosi for their leadership.
"It wouldn’t have happened without them."
The law marks the second major accomplishment for President Obama as it relates to reforms. Earlier this year he signed into law a massive healthcare reform bill designed to improve patient-doctor relations.
Video: What Wall Street Reform Means To You!