On July twenty-first, President Obama signed into law the Wall Street Reform and Consumer Protection Act. He said: "These reforms represent the strongest consumer financial protections in history." Together, the changes represent the biggest rewrite of financial rules since the Great Depression. At the heart of the two thousand three hundred pages in the bill are promises to protect average Americans.
Congress agreed to create a Consumer Financial Protection Bureau. But the Federal Reserve will pay for it. The central bank will budget about five hundred million dollars a year. Travis Plunkett is legislative director of the Consumer Federation of America, a consumer rights group. He says this new independent office will have a lot of responsibility -- and that is a good thing.
The bureau will set rules for the marketplace and enforce existing laws. One goal is to
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