President to sign financial reform measure Wednesday - MSNewsNow.com - Jackson, MS

President to sign financial reform measure Wednesday

Posted: Updated:

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 This material may not be published, broadcast, rewritten, or redistributed.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.

  • Most Popular StoriesMost Read

  • Saturday, May 25 2013 4:20 PM EDT2013-05-25 20:20:27 GMT
    Judge Bill Gowan's Hinds County courtroom is in session for the 6th day of the James Hutto murder trial. Hutto, who is known for making obnoxious outbursts in court, has already made several erratic
    After 6 days of testimony, evidence and many loud and obnoxious outbursts by Hutto, a jury has unanimously found him guilty of capital murder.

  • Friday, May 24 2013 9:46 PM EDT2013-05-25 01:46:35 GMT
    The list of the names is a part of rotating lists of names. For example, the list used in 2012 is used in 2018. Each storm will be named alphabetically. The lists of names are chosen by World Meteorological
    The names for the 2013 North Atlantic hurricane season.

  • Friday, May 24 2013 8:30 PM EDT2013-05-25 00:30:42 GMT
    Yesterday we first told you about two parents of Boyd Elementary school students, who say their children were sexually assaulted by another student. The parents were furious that no action had been taken
    Thursday we first told you about two parents of Boyd Elementary school students, who say their children were sexually assaulted by another student. The parents were furious that no action had been taken on their cases. Today more parents are speaking out about their children also falling victims.
    •