Barack Obama signs Wall Street Reform and Consumer Protection Act (H.R. 4173)

July 21, Washington D.C., USA - US President Barack Obama formally signs the Wall Street Consumer and Reform Act also known as Frank-Dodd (HR)4173 it was presented by Representive Barney Frank of the 4th district Massachusetts and Senator Chris Dodd of Connecticut, both authors of the bill were Democrats.

The act will be signed by Obama, 11:30am (July 21) after the act wins with 60-39 vote. The main objective of the act is to overhaul the regulations on the financial sector in US. It will lead to the establish of a new Consumer Financial Protection Agency that will regulates credit cards, car loans, home mortgages, and it will give the Treasury Department of US, an additional authority to place non-bank financial firms like insurance companies into receivership, regulate over the counter derivatives markets and others related to the financial concerns of the Americans.

Now that Obama signed the Wall Street Consumer and Reform Act will it help to stabilize the economy of US and will it secure them to avoid another economic crisis that happens during the time Obama assumes his presidency?

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