President Barack Obama last week signed into law a massive reform of financial regulations–the biggest since the Great Depression.
The Administrator for South Carolina Consumer Affairs Brandolyn Pinkston says it was designed to protect consumers as well as the nation’s economic stability.
Pinkston says the reform was sorely needed to restore the confidence that Americans have not had in their financial system.
Obama said never again will the public be asked to foot the bill for Wall Street’s mistakes. The president said that Senate Finance Chairman Chris Dodd, and House Financial Services Chairman Barney Frank pushed the legislation the most. The bill is named after them.
Republicans say the bill will cost consumers and impede job growth because it will cost smaller banks.