President Obama has signed into law the financial reform bill, saying it contains the strongest consumer financial protections in history. Obama claimed there will never be a need again for taxpayer bailouts of banks.

President Obama: “Now, beyond the consumer protections I’ve outlined, reform will also rein in the abuse and excess that nearly brought down our financial system. It will finally bring transparency to the kinds of complex and risky transactions that helped trigger the financial crisis. Shareholders will also have a greater say on the pay of CEOs and other executives, so they can reward success instead of failure. And finally, because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes. There will be no more tax-funded bailouts, period.”