Financial reform law passed

[Cachinga]

President Obama has finally managed to pass the financial reform bill into law. I personally am not sure if this will actually be a good thing. They say that it will keep smaller business' from making new jobs and such.

The Obama Administration has made Wall Street reform a top priority since day one, and it will now become a reality. President Barack Obama said legislation signed into law today will hold Wall Street accountable, protect and empower American consumers with the strongest consumer protections ever, increase transparency in financial dealings -- including in the derivatives market -- and end taxpayer bailouts once and for all.
The legislation calls for, among other things, an independent bureau of consumer financial protection to set and enforce rules for the financial market place.

“While President Obama pats himself on the back today, families and small businesses are bracing for yet another big-government overreach that will make it harder to create new jobs. The legislation the president is signing today provides permanent bailouts for his Wall Street allies at the expense of community banks and small businesses around the country, while doing nothing to reform Fannie Mae and Freddie Mac, the government mortgage companies that triggered the financial meltdown by giving too many high-risk loans to people who couldn’t afford them.”