Obama put[s] the U.S. government solidly back on the side of the middle classWashington, DC — Today, President Obama signed the landmark Wall Street Reform and Consumer Protection Act of 2010. The Director of Demos' Washington, DC Office, Heather C. McGhee, and Demos' Federal Affairs Manager, Caleb Gibson, were in attendance at the signing ceremony. Heather McGhee issued the following statement:
"Today, with two words—"it's done"—President Obama put the U.S. government solidly back on the side of the middle class. With this law, he turned the page on decades of misguided deregulation that has allowed the financial industry to lose sight of its core function: serving the real economy, not the other way around. The law's new rules and safeguards will rein in the empty speculation and deceptive, high-cost lending that has been sapping our nation's economic strength. With the right regulators in key positions, this bill will empower investors, consumers and business owners to take control of their finances and help revive our economy.
"Demos would like to congratulate the public officials who succeeded in creating and passing a strong bill despite a finance lobby that spent $1.4 million a day to weaken and defeat it. Demos would also like to salute the tireless consumer advocates and community groups who have been fighting for basic fairness in financial services for decades. The dream of a dedicated consumer regulator was theirs, and today, the victory belongs to the American people."