WASHINGTON D.C. (BNO NEWS) – President Barack Obama said that the House vote in favor of the Wall Street Reform is a victory for every American citizen affected by the abuses by banks, mortgage and credit card companies, the White House announced on Wednesday.

"It has been a long fight against the defenders of the status quo on Wall Street, but today’s vote is a victory for every American who has been affected by the recklessness and irresponsibility that led to the loss of millions of jobs and trillions in wealth," Obama said in response to the passage of the reform.

According to the U.S. President, the Wall Street reform will establish the strongest consumer financial protections in history and will make the financial system more transparent. As a result, consumers will now have all the information needed before signing any agreement with banks, mortgage and credit card companies, eliminating the hidden fees and penalties in contracts.

On the other hand, by making the system more transparent, complex financial transactions that escaped scrutiny in the past will now be done in the light of the day. The reform also will put in place the Volcker rule so banks and financial institutions do not put the savings of Americans at risk.

"America’s economic future depends on a thriving financial sector; but, as we have seen, it also must operate within a sensible framework of rules and regulations, adequate to hold financial institutions accountable," Obama concluded.

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