Financial Reform to Become Law on Wednesday

Posted July 19, 2010 at 2:44pm

President Barack Obama will sign financial regulatory reform into law on Wednesday morning, the White House announced Monday.

Obama will also deliver remarks about the measure, which passed the Senate on Thursday in a 60-39 vote. The House approved the legislation last month.

The law is intended to address the circumstances that led to the near-collapse of financial markets in 2008. It establishes new consumer protections, gives regulators greater power to dismantle troubled firms and scales back a range of risky trading activities.