"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," says President Obama.
Following Wednesday's financial overhaul, it's now time to see just how effective the new law will be, and how consumers will benefit.
Kristina Bolhouse, vice president of the Arkansas Financial Group, says the legislation still has to play out but it looks promising.
"I think consumers can take comfort that stability is being returned to the markets," says Bolhouse.
A few things consumers can expect:
- When it comes to something as simple as visiting a gas station.
Merchants now have the authority to place restrictions on credit card purchases under ten dollars, and can offer reduced prices when customers pay with cash.
- Adding to that is the new consumer watchdog, which has the power to ban a creditor's service it deems unsafe or confusing, and can limit fine print in credit card agreements.
- Yet another element of the sweeping financial reform is the whistleblower's provision, which like other parts of the bill will be aimed at keeping the "too big to fail" from failing and once again sending the economy into a tail spin.
"There's now incentives for people who have inside information and reveal things that may have otherwise not come to the surface," says Bolhouse.
And for anxious homebuyers, the new law says mortgage brokers cannot steer customers into inappropriate loans.
Still, some Republicans in congress oppose the bill saying it's an unecessary intrusion into private businesses and ultimately a job killer.