US President Barack Obama signed the most sweeping financial reforms since the 1930s into law Wednesday, promising everyday Americans would no longer have to pay for Wall Street’s mistakes.

“These reforms represent the strongest consumer financial protections in history,” Obama said, before signing the new law, passed by Congress last week.

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“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 — in the financial system.”