Obama to sign Wall Street reform bill on Wednesday

WASHINGTON (BestGrowthStock) – President Barack Obama will sign sweeping regulatory reforms of Wall Street into law on Wednesday, the White House said.

The reforms, designed to tighten financial industry oversight and prevent risky lending practices at the root of the 2007-2009 financial crisis, were passed by Congress on Thursday.

Labored over by the Obama administration and U.S. lawmakers for over a year, the reforms will create a consumer financial protection bureau, put some limits on bank risk-taking and give regulators better powers to wind down systemically vital financial firms that get into trouble.

Obama will sign the bill at the Ronald Reagan Building in Washington, the White House said.

(Reporting by Alister Bull; Editing by Stacey Joyce)

Obama to sign Wall Street reform bill on Wednesday