OBAMA: “THE U.S. PEOPLE WILL NEVER AGAIN PAY FOR THE MISTAKES OF WALL STREET”

The U.S.A president, Barack Obama, issued on Wednesday the biggest reform since the Great Depression, in his view, prevent Wall Street bailouts with public funds and offer “the largest consumer protections in the history” of his country .

“This reform will help to promote innovation, not damage it,” Obama said at a ceremony at the Ronald Reagan Building in Washington with about 400 leaders from public and private sectors played an important role in promoting the law.

For years, he said, the financial sector was governed by “rules outdated and poorly implemented that allowed some to take advantage of the system and take risks that endangered the entire economy.”

In response, he said, the reform will promote transparency and simplicity of the loans and credit cards to consumers.
“With this law, the American people will never again be asked to pay for the mistakes of Wall Street. No more taxpayer-funded bailouts, period,” he said.

Financial reform, passed by Congress with the support of a handful of Republicans, allows the government to dismantle U.S. companies that threaten the economy, creates an entity of financial protection for consumers and increases monitoring of complex financial arrangements of the country, particularly the derivatives market.

The Federal Reserve will direct the agency to protect consumers, which will monitor all financial transactions from bank loans and mortgages to credit cards.