With this law, we’ll crack down on abusive（辱骂的，滥用的） practices in the mortgage industry.  We’ll make sure that contracts are simpler -– putting an end to many hidden penalties and fees in complex mortgages -– so folks know what they’re signing.

With this law, students who take out college loans will be provided clear and concise information about their obligations.

And with this law, ordinary investors -– like seniors and folks saving for retirement –- will be able to receive more information about the costs and risks of mutual funds and other investment products, so that they can make better financial decisions as to what will work for them.

So, all told, these reforms represent the strongest consumer financial protections in history.  (Applause.)  In history.  And these protections will be enforced by a new consumer watchdog with just one job:  looking out for people -– not big banks, not lenders, not investment houses -– looking out for people as they interact with the financial system.

And that’s not just good for consumers; that’s good for the economy.  Because reform will put a stop to a lot of the bad loans that fueled a debt-based bubble.  And it will mean all companies will have to seek customers by offering better products, instead of more deceptive（欺诈的，迷惑的） ones.

Now, beyond the consumer protections I’ve outlined, reform will also rein in the abuse and excess that nearly brought down our financial system.  It will finally bring transparency to the kinds of complex and risky transactions that helped trigger the financial crisis.  Shareholders will also have a greater say on the pay of CEOs and other executives, so they can reward success instead of failure.

And finally, because of this law, the American people will never again be asked to foot the bill（负担费用） for Wall Street’s mistakes. (Applause.)  There will be no more tax-funded bailouts -- period. (Applause.)  If a large financial institution should ever fail, this reform gives us the ability to wind it down without endangering the broader economy.  And there will be new rules to make clear that no firm is somehow protected because it is “too big to fail,” so we don’t have another AIG.

That's what this reform will mean.  Now, it doesn’t mean our work is over.  For these new rules to be effective, regulators will have to be vigilant（警惕的，注意的） .  We may need to make adjustments along the way as our financial system adapts to these new changes and changes around the globe.  No law can force anybody to be responsible; it’s still incumbent on those on Wall Street to heed the lessons of this crisis in terms of how they conduct their businesses.

The fact is every American -– from Main Street to Wall Street –- has a stake in our financial system.  Wall Street banks and firms invest the capital that makes it possible for start-ups to sell new products.  They provide loans to businesses to expand and to hire.  They back mortgages for families purchasing a new home.  That’s why we’ll all stand to gain from these reforms.  We all win when investors around the world have confidence in our markets.  We all win when shareholders have more power and more information.  We all win when consumers are protected against abuse.  And we all win when folks are rewarded based on how well they perform, not how well they evade（逃避） accountability.

In the end, our financial system only works –- our market is only free –- when there are clear rules and basic safeguards that prevent abuse, that check excess, that ensure that it is more profitable to play by the rules than to game the system.  And that’s what these reforms are designed to achieve -- no more, no less.  Because that’s how we will ensure that our economy works for consumers, that it works for investors, that it works for financial institutions -– that it works for all of us.

This is the central lesson not only of this crisis but of our history.  Ultimately, there’s no dividing line between Main Street and Wall Street.  We rise or fall together as one nation. So these reforms will help lift our economy and lead all of us to a stronger, more prosperous future.

And that’s why I’m so honored to sign these reforms into law, and I’m so grateful to everybody who worked so hard to make this day possible.  Thank you very much, everybody.  (Applause.)

(The bill is signed.)  (Applause.)

END
11:48 A.M. EDT