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Today in legal history...

Thursday, July 21, 2011

Obama signed financial reform legislation
Dwyer Arce at 12:00 AM ET

On July 21, 2010, US President Barack Obama signed the Restoring Financial Stability Act into law. The legislation, which focused on increasing regulation in the financial sector following the 2008 economic crisis, received final approval by the Senate the week before, after being approved by the House of Representatives. The law created a new regulatory council to monitor financial institutions in order to prevent the companies from becoming "too big to fail." It also gave the Federal Reserve the power to supervise the largest financial companies and report to the government any risks the firms may pose to the economy at large. Additionally, it created a new consumer protection division established within the Federal Reserve to enforce rules against certain business practices like abusive mortgage lending and some credit card practices. As a final protection against future bailouts, the government will have the ability to seize and liquidate failing financial institutions before their collapse can have an adverse affect on the entire economy.

Learn more about financial regulation from the JURIST news archive.

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