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President Obama has signed the toughest set of Wall Street regulations and consumer protections against greedy financial practices since the Great Depression.

“In the end, our financial system only works – our markets are 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,” Obama said Wednesday before signing the landmark financial reform bill.

He also emphasized that because of the new law, “the American people will never again be asked to foot the bill for Wall Street’s mistakes. There will be no more taxpayer-funded bailouts. Period.

“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.”

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