President Obama has signed the Dodd-Frank Wall Street Reform Act into law, legislation that includes strong reforms of the derivatives market authored by Senate Agriculture Committee Chairman Blanche Lincoln, D-Ark. Obama says the recession America has faced over the past two years was caused by various factors but a primary cause was a breakdown in the nation's financial system. He says the reform will help foster innovation, make sure everyone follows the same rules and demand accountability and responsibility from everyone. He says it will also provide certainty to everyone, including farmers.
The President says the reforms represent the strongest consumer financial protections in history. Those protections will be enforced by a new consumer watchdog looking out for the people as they interact with the financial system. He says that's great for consumers and the economy and adds that the reforms will help lift the U.S. economy and lead everyone to a stronger, more prosperous future.
Chairman Lincoln says she is proud to have played a major role in the historic legislation that provides accountability and transparency to Wall Street and brings real reform to the nation's financial markets.