Pres. Obama hails passage of Wall Street reform measure - MSNewsNow.com - Jackson, MS

Pres. Obama hails passage of Wall Street reform measure

Posted: Updated:

WASHINGTON (AP) - President Barack Obama says businesses have nothing to fear from the financial overhaul bill, unless they cut corners or bilk customers.

The president says the legislation will "protect consumers and lay the foundation for a stronger and safer financial system."

The president says that system will be "innovative, creative, competitive and far less prone to panic and collapse."

Obama is expected to sign the bill as early as Wednesday.

The Senate, on a 60-39 vote, approved it Thursday -- almost two years after a financial meltdown sent the economy into a recession.

Federal Reserve Chairman Ben Bernanke calls it a far-reaching step that will help prevent "a replay of the recent financial crisis."

Before the final vote was even cast, House Republican Leader John Boehner called for its repeal.

©2010 WLBT. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

Powered by WorldNow