The adults are back in charge

Financial regulation legislation was signed into law today.

WASHINGTON — Two years after the global financial system nearly collapsed, a vast revamping of regulation has been signed into law. The measure targets the risky banking and oversight failures that led to the last crisis. The goal is to make another crisis less likely — and, if it does happen, less costly for taxpayers.

[full breakdown]

Now we just need to break apart the big banks and don’t let the re-coalesce later.   This will, of course, require that Republicans never again get control of Congress, as they will quickly remove the safeguards (like they did in 1998 and 2004) and we’ll be right back here again.  But at least, for the moment, looks like Wall Street has to start playing by some rules again.

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