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Obama signs bill to overhaul Wall StreetPublished: July 21 2010 17:22 | Last updated: July 21 2010 22:57
Barack Obama on Wednesday signed into law the most sweeping overhaul of Wall Street regulations since the 1930s, less than two years after the collapse of Lehman Brothers.
The new law was promptly endorsed by Ben Bernanke, Federal Reserve chairman, who said it made “significant progress” towards reducing the likelihood of another crisis and placed the US financial system on a “sounder foundation”.
Those remarks triggered a sell-off on Wall Street, with the S&P 500 index falling 1.28 per cent by the close of trading. They also go a long way to explaining why the US public has reacted with such apparent indifference to Mr Obama’s legislative accomplishments.
The president’s approval rating fell in June to 44 per cent, according to a poll from Quinnipiac University.
Some 56 per cent disapproved of Mr Obama’s handling of the economy in spite of his pushing through two big bills in the past three months – healthcare and Wall Street reform. Mr Obama said the Dodd-Frank Wall Street Reform bill would deliver “the strongest consumer financial protections in history”.
Obama signs bill to overhaul Wall StreetPublished: July 21 2010 17:22 | Last updated: July 21 2010 22:57
Barack Obama on Wednesday signed into law the most sweeping overhaul of Wall Street regulations since the 1930s, less than two years after the collapse of Lehman Brothers.
The new law was promptly endorsed by Ben Bernanke, Federal Reserve chairman, who said it made “significant progress” towards reducing the likelihood of another crisis and placed the US financial system on a “sounder foundation”.
Those remarks triggered a sell-off on Wall Street, with the S&P 500 index falling 1.28 per cent by the close of trading. They also go a long way to explaining why the US public has reacted with such apparent indifference to Mr Obama’s legislative accomplishments.
The president’s approval rating fell in June to 44 per cent, according to a poll from Quinnipiac University.
Some 56 per cent disapproved of Mr Obama’s handling of the economy in spite of his pushing through two big bills in the past three months – healthcare and Wall Street reform. Mr Obama said the Dodd-Frank Wall Street Reform bill would deliver “the strongest consumer financial protections in history”.