The U. S. Congress last week finally passed the most sweeping legislation on bank and Wall Street reform in 70 years. The financial reform bill provides tougher regulations on banks and financial institutions and additional protections for consumers, many of which directly benefit African- Americans.

President Barack Obama The Dodd-Frank Wall Street Reform and Consumer Protection Act was a response to the severe downturn of the U.S. economy during which “too big to fail” institutions like AIG and Lehman Brothers nearly uprooted America's whole financial system two years ago with underhanded business practices.

Under the new legislation, the federal government now has the power to break up large failing financial companies and banks. It establishes an Office of Minority and Women Inclusion to ensure diversity, and introduces a new oversight agency that will regulate the industry and establish consumer safeguards.

“It provides certainty to everyone from bankers to farmers to business owners to consumers. And unless your business model depends on cutting corners or bilking your customers, you have nothing to fear from this reform,” Obama said at a press conference on the White House south driveway. "It demands accountability and responsibility from everybody.

"For all those Americans who are wondering what Wall Street reform means for you, here’s what you should expect. If you’ve ever applied for a credit card, a student loan, a mortgage, you know the feeling of signing your name to pages of barely understandable fine print. It’s a big step for most families, and one that’s often filled with unnecessary confusion and apprehension.

As a result, many Americans are simply duped into hidden fees and loans they just can’t afford by companies who know exactly what they’re doing."

Provisions of the bill also include: -The creation of the Consumer Financial Protection Bureau; - Additional assistance for homeowners; - More funding for the Neighborhood Stabilization Program, which helps homeowners who are at risk of foreclosure and provides low interest loans to unemployed homeowners who are having a difficult time keeping up with their mortgage payments. Under the legislation, the program will receive an additional $1 billion in funding and an additional $2 billion in funding from the Treasury Department; - Safeguards that ensure fair access, treatment and regulations for racial minorities, women and low-income workers, including ensuring diversity in hiring and job promotions at federal financial regulatory agencies and in their contracting with the creation of the Office of Minority and Women Inclusion.