Surrounded by key Democrats who helped push financial reform through Congress, President Obama signed the most sweeping overhaul of lending and finance rules since the Great Depression into law on Wednesday.
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The president said consumers will now have a better idea of what they're getting into when buying a house, applying for credit cards, and taking out loans.
"It provides certainty to everybody from bankers to farmers to business owners to consumers," Obama said. "And unless your business model depends on cutting corners or bilking your customers, you've got nothing to fear from reform."
However, critics of the new law have said uncertainty about what's in the law is the problem.
The 2,300-page bill orders the writing of 243 new regulations from 10 government agencies. Federal regulators have been given two years to come up with the new rules.
Consequently, businesses have to wait to find out just what the new law will mean for them. That, in turn, will result in more uncertainty for companies already skittish about spending money and hiring more workers.
Source: CBN News | Paul Strand
