President Barack Obama says the passage of a giant crackdown on the financial sector will provide long-deserved economic security to families and businesses.
Obama said the new legislation ensures there will be no more taxpayers bailouts and that Americans will not have to foot the bill for Wall Street's excesses.
Congress on Thursday passed the stiffest restrictions on banks and Wall Street since the Great Depression of the 1930s.
The legislation comes almost two years after a tanking financial sector helped trigger a massive downturn in the economy.
The law will give the government new powers to break up companies that threaten the economy and create a new agency to guard consumers in their financial transactions, among many other changes.