[Updated] Approved! Congress and the President have approved the financial reform bill (detailed below) that would revamp the nation’s financial regulatory system. It will allow for the creation of a consumer financial protection bureau at the Federal Reserve, give regulators new powers to liquidate failing financial firms whose collapse would threaten the economy and create a council of financial regulators to monitor systemic risk. It is aimed at curbing risk-taking by Wall Street firms and lessening the impact of any future financial crisis.
Financial reform will continue to be clarified by the regulating bodies over the next couple of months and will post these updates when available. I encourage you to subscribe (free) via Email or RSS to get the latest news.
Congressional negotiators approved a sweeping overhaul of U.S. financial regulation reshaping oversight of Wall Street banks, brokers and investment firms. It contains new laws covering how derivatives will be traded, credit agencies regulated, investor rights and more credit card company reforms. Consumers and business will be significantly affected over the next few years by the financial reforms.
Obama today praised lawmakers for agreeing on what he called the “toughest” consumer reforms in history. “Credit card companies will no longer be able to mislead you, The new rules in the U.S. will be a model for safeguards that “can protect all nations.”
Here’s how some of the main provisions will impact your financial and investing future: