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Released: July 22, 2010

Obama signs financial overhaul into law

Source: Brady Dennis, Washington Post (Free Registration)

As much as it felt like an ending, President Obama launched a new era in the relationship between Washington and the financial world when he placed his signature Wednesday on a massive bill to rewrite the nation’s financial

Inside a building named after a Republican president who championed deregulation and praised the “magic of the marketplace,” the Democratic president signed into law the most ambitious overhaul of financial regulation in generations, saying he was acting to protect ordinary consumers and to “rein in the abuse and excess” on Wall Street that pushed the U.S. economy to the brink of collapse.

The landmark legislation, which came after more than a year of legislative wrangling and intense lobbying, grants broad new powers to federal watchdogs—and places great faith in them to prevent another crisis.

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