Financial Reform Passes

Obama signed the financial regulatory bill into law today, another major domestic policy achievement under his watch. As usual, the law is drawing some criticism for not going far enough (“left”) and from the Republicans for being, well, not something they would have ever done. But make no mistake, this is quite significant and symbolic, and even the pundits are starting to credit Obama for getting a lot done.

From what I have seen from the bill, the most significant thing it does is create the Consumer Protection Agency, which will focus on eliminating practices and policies that seek to “defraud” the American public.  That is a big deal and much needed as corporations continue to figure out new ways to milk consumers of their hard earned scratch.


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