June 25, 2010
- A d v e r t i s e m e n t
President Obama praised lawmakers today for developing a new set of financial regulations he hopes to sign into law by July 4.
“We are poised to pass the toughest financial reform since the ones we created in the aftermath of the Great Depression,” Obama said at the White House as he prepared to leave for the G-20 summit in Canada.
The new rules are designed to “hold Wall Street accountable” and prevent the kind of financial meltdown that crippled the economy in 2008, Obama said.
The package includes further restrictions on too-risky investments by banks, a new consumer protection agency to oversee the activities of credit card companies and financial firms, and an end to the concept known as “too big to fail.”