President Obama this morning signed the Dodd-Frank Act calling it a "common sense" package of wide-range reform of the financial market and its regulation.The law will "crack down on abusive practices in the mortgage industry…so folks know what they're signing," Obama said in remarks before signing.
The financial industry is already hailing the legislation as potentially the largest piece of financial reform since the post-Depression era.
“It is a victory for all of us that a new systemic risk council will weed excess risk out of financial institutions before they pose a threat to the entire system and that any institution that moves too close to cliff’s edge will be quickly dismantled by a powerful new resolution process," said Richard Neiman, superintendent at the New York State Banking Department, in an e-mailed statement today.
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