Barack Obama signs new financial regulation into law

Barack Obama, the President of the USA, has signed into law the most sweeping financial reform since the great depression.

This reform, says president Obama, has been made with one thought in mind – to protect the citizen, as he interacts with the financial system.

He said that a consumer watchdog will be the one to enforce these measures. This institution will be the Bureau of Consumer Financial Protection.

Obama has added that thanks to the new law, it will be impossible for things like the Americans paying for Wall Street mistakes to happen again.

The law also regulates various other very important things, like the credit and debit card fees. It also regulates overdraft fees that the customers pay.

This could mean a much more powerful protection for customers.

Three Republican Senators  actually voted for this bill.