On Thursday, the U.S. Congress gave final approval to one of the most massive overhauls of country's financial regulation ever. The legislative action ended more than a year of political disagreements over the scope of the new regulations.
The new law establishes an independent consumer bureau within the Federal Reserve to monitor against abuses in mortgage, credit card and several other types of lending.
President Obama is scheduled to sign the legislation next week. On Thursday after Senate passage of the bill, he said that the bill will "protect consumers and lay the foundation for a stronger and safer financial system, one that is innovative, creative, competitive, and far less prone to panic and collapse."
Sen. Christopher J. Dodd (D-Conn.), who was one of the Senate's driving forces behind the bill, said that "more than anything else, my goal was, from the very beginning, to create a structure and an architecture reflective of the 21st century in which we live, but also one that would rebuild that trust and confidence."
In addition to the Presidential and Senate praise Thursday, Treasury Secretary Timothy F. Geithner held a rare news conference lauding the bill.
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