WASHINGTON – "President Obama signed landmark legislation today that tightens Wall Street rules and establishes a new consumer financial protection bureau to help protect borrowers from abusive lending practices.

Coming nearly two years after the bank bailouts of 2008, it is the Democrats' centerpiece response, intended to prevent another credit and mortgage crisis like the one that caused the stock market meltdown and current economic recession.
"These reforms represent the strongest consumer financial protections in history," Obama said, just before he signed the bill. "There will be no more tax-funded bailouts. Period."

The legislation establishes an array of new rules that will allow the government to play a stronger watchdog role over financial markets and the practices of individual banks, and gives it greater power to intervene when a bank is on the verge of collapse.

The legislation has a mouthful of a name: the Dodd-Frank Wall Street Reform and Consumer Protection Act, named for Senator Chris Dodd of Connecticut, who is chairman of the Senate Banking Committee, and Representative Barney Frank of Massachusetts, chairman of the House Financial Services Committee.

Obama, Dodd, and Frank were joined today at the Ronald Reagan Building in Washington by nearly 400 people who the White House says were instrumental in passing the legislation, including consumer advocates, business leaders, and state and local officials. " (Boston Globe)

---

Wow...progressives making progress, while the stinkers make stinks and the obstructionistas make obstructions. What a planet...