Wall Street Reform Bill to turn into law on Jul 21

Washington, Jul 20: A week after the Wall Street Reform Bill was passed by both the Chamber of the Congress - House of Representatives and the Senate, US president Barack Obama is set to sign the bill into law on Wednesday, Jul 21.

The president would sign the bill at a public ceremony to be attended by key architects of the Wall Street Reform, the White House announced on Tuesday, Jul 20.

The bill seeks to make financial institutions more accountable and prevent the reoccurrence of the collapse of the market as it happened in 2008, it added.

The sweeping financial overhaul legislation is yet another milestone for Obama after the landmark Health Care Reform Bill.

"From now on, every American will be empowered with the clear and concise information you need to make financial decisions that are best for you. This bill will crack down on abusive practices and unscrupulous mortgage lenders," Mr Obama has said earlier on the Bill.

OneIndia News