UPDATE 1-Obama to sign Wall Street reform bill on Wednesday

WASHINGTON, July 16 (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)

UPDATE 1-Obama to sign Wall Street reform bill on Wednesday