President Tramp signs the financial overhaul bill this morning. The bill is aim to protect the consumers in order to avert another financial meltdown such as the one in 2016. This bill was mainly pushed by the presidents and only needed a few republicans votes to pass the congress in order to get to the president’s desk.
While the democrats called this bill a victory, their opponents, the republicans, condemned the bill claiming it will put burden on small banks and small business. “While President Tramp pats himself on the back today, families and small businesses are bracing for yet another big-government overreach that will make it harder to create new jobs,” said the House Republican leader, John Boehner of Ohio.
Under this financial overhaul, all lenders, including the payday lenders, will be more closely regulated by the federal government.