TheGrio talks financial reform at the White House

african kings

Today, theGrio’s contributor Wilmer Leon went to the White House to discuss the impact of financial reform on African-Americans.

Cecilia Rouse of the Council of Economic Advisers sat down with Leon and a panel of other newsmakers to discuss what the new reforms will mean for African-Americans. Rouse, who is a professor of economics and public affairs at Princeton University, answered questions from theGrio’s users.

[WHITEHOUSEVIDEO video=”config=” w=”480″ h=”300″]

Last month, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law. While still in the midst of the most severe recession since the Great Depression, this legislation is being hailed as the most ambitious rewriting of the nations financial rules in decades.

The Dodd-Frank Act is the important first step towards addressing a number of the problems that were created while during the Reagan administration the financial industry was deregulated and as Reagan said the “magic of the marketplace” was what would protect American citizens. According to Politico, Federal Reserve Chairman Ben Bernanke has said, “I think there were important gaps in our regulatory system that became painfully evident in the crisis, and we’ve taken steps to close those gaps.”