WASHINGTON (AP) - President Barack Obama plans to sign a sweeping remake of financial market rules brought on by the market meltdown of two years ago.
The president sees Wednesday's signing as a landmark and calls the legislation "the toughest financial reforms since the aftermath of the Great Depression."
Pres. Obama reiterated the governments intent to prevent another financial catastrophe.
The plan gives the Feds new powers to close failing banks, monitor consumer loans and regulate derivatives.
Pres. Obama says that will build markets less prone to collapse.
His foes call it over-regulation.
The signing's taking place at the Reagan International Trade Building, and the White House has invited some 400 lawmakers, business leaders and average Americans hit by the financial crisis.
©2010 WLBT. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.