Barack Obama Signs Sweeping Wall Street Reform Bill

WASHINGTON — Reveling in victory, President Barack Obama on Wednesday signed into law the most sweeping reform of financial regulations since the Great Depression, a package that aims to protect consumers and ensure economic stability from Main Street to Wall Street.

The law, pushed through mainly by Democrats in Washington's deeply partisan environment, comes almost two years after the infamous near financial meltdown in 2008 in the United States that was felt around the globe. The legislation gives the government new powers to break up companies that threaten the economy, creates a new agency to guard consumers in their financial transactions and puts more light on the financial markets that escaped the oversight of regulators.

Obama described them all as commonsense reforms that will help people in their daily life – signing contracts, understanding fees, understanding risks.

He went so far as to call the reforms "the strongest consumer protections in history." The president added to a burst of applause: "Because of this law, the American people will never again be asked to foot the bill for Wall Street's mistakes."

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

WASHINGTON (AP) – President Barack Obama has signed into law an overhaul of U.S. banking and Wall Street regulations that he says will create the strongest financial protections ever for American consumers.

The law is a legislative victory for the president, who has made tightening restrictions on banks a signature issue since taking office amid the U.S. financial meltdown. Obama says the reforms will end many of the Wall Street practices that sent the economy into the worst recession since the Great Depression of the 1930s.

In an ironic touch, Obama signed the bill in the Ronald Reagan Building, named after a president who championed deregulation. Obama was joined by scores of consumer advocates, business executives and lawmakers who supported the bill.

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