Obama Approves Wall Street Reform

Last week the Senate passed the Wall Street Reform Bill and just this Wednesday, July 21, President Obama signed the bill into law. The President praises the bill, with a promise to eliminate taxpayer-funded bailouts of failed banks.

This historic bill — opposed mostly by Republicans and financial firms — was created to protect people, not banks and lenders. It creates a consumer protection watchdog to set rules against unfair practices in dealing with consumer loans and credit cards.

Another exciting aspect of the bill is the huge victory over conflict minerals. Provisions in the Wall Street Reform Bill require companies to disclose whether they source conflict minerals from the Congo or neighboring countries. They are also required to report on steps taken to exclude conflict sources from their supply chains, backed by independent audits.

Said to be the deadliest conflict since World War II, the war raging in the Democratic Republic of the Congo has killed 5.4 million people since 1998. More than 8,000 Care2 members added their names to the Care2 petition supporting the Congo Conflict Minerals Act, which ensures that electronic purchases made in the United States are not financing violence.

Thank you to everyone who signed petitions and wrote letters. Your support made a difference in urging the Senate and President to pass this historic Wall Street Reform Bill.

istockphoto

Disclaimer: The views expressed above are solely those of the author and may not reflect those of
Care2, Inc., its employees or advertisers.

marjolein s.

6:33PM PDT on Aug 16, 2010

Pakistan is floaded, China has trouble with their workers, they want more, Russia is burning, grain will not be exported anymore this year, Half off europe is under water, Usa has 17.000 million kids who are hungry and not well enough educared, whichis 1 out of 4, A huge iceblock seperated from Greenland, all over the world ppl are dieing from hunger and desease, aids is high in any poor country and no church is helping them, priests are abusing kids, animals and nature are moaning because we want to eat them, punish tehm, capture and show them, use them for our own benefit............whats next and money is going down, i wish, i so wish, money would be worth nothing, but only the skill, courage, helping hands, constructional hands and minds..................make it work, lets all go down and revive as phoenix.......to become real human and work for a positif earth, health and us, we, mankind

send a green star

Salome W.

9:22PM PDT on Aug 15, 2010

I especially thank President Obama for putting his foot down re "blood diamonds" and other such "blood" minerals.

Thank you, thank you, thank you!!

Rose M.

10:26AM PDT on Aug 14, 2010

This has to be done to temper the greed and deception of the wall street gang.

Jenny S.

6:53AM PDT on Aug 14, 2010

Lionel M., you have it right! It amazes me how people's memories vanish in hard times. If Obama had a magic wand this would all be fixed and the Republicans would demand credit for it. There are no fixes coming in November, people! They don't exist! If the Reps get the House and Senate, you can expect us to go back where we were and stay there. What a country! Let's beat the kids who are trying to do what they can to clean the mess and push the people who made the mess back in to make more mess. That's US!
Just who do the Reps think they have on their side to work the miracles we need? Sharon Angle? Rand Paul? Mike Pence? John Beohner? Eric Cantor? Carly Fiorina?John McCain? These are BIG winners, boy! Don't you feel safer already? With Sarah cheering thse guys on, you should feel confident that all our trouble will be over if they win! NOT!
I have a bad feeling that we're gonna get a 50/50 House and senate. Won't THAT be fun?
Oh, my people, my people! We are screwed!!!!

Peter B.

2:16PM PDT on Aug 13, 2010

thankyou for shareing

David H.

11:35AM PDT on Aug 13, 2010

Sorry to say it folks, but before you get too excited about this Wall St. reform, you owe it to yourself to read Matt Taibbi's new article in Rolling Stone titled "Wall Street's Big Win". This whole reform is a sham. They talked big during the process, but watered it down so incredibly badly, most of the things that caused the financial collapse are still very much in place to crash the economy again. You just have to read the article.
http://www.rollingstone.com/politics/news/17390/188551?RS_show_page=0

Frederick M.

5:11PM PDT on Aug 12, 2010

They won't go to China in china they know how to treat cooks they put them up against the wall and shoot'em!!!!!!!

5:08PM PDT on Aug 12, 2010

Prison time for the thieves would be sweet justice, look at the World Misery these bums caused. More misery then the World Wars when you finally do the head count.

Morgaine G.

3:25PM PDT on Aug 12, 2010

I sure hope this bill doesn't kill the consumers the way the credit card bill did!!

My credit cards went from nominal monthly payments to huge 10% payments because of it, and I bit the bullet, and they are all closed now, because I cannot afford to have them any longer. (better for me anyway)

The days of easy credit are now gone, and there will be many more folks doing payday loans at 150% to fix things around the house.

Morgan I.

7:37AM PDT on Jul 30, 2010

Obama is not a good president get him out of office in 20012