The biggest overhaul to the US economy since Roosevelt’s Depression-era New Deal has been signed into law but what does that mean for you?

Image via NY Daily News

Below is a list compiled by The White House, of 10 things you might not know about the reform, and how it will affect you. As tempting as it is to scream “propaganda!” and assume it will reek with condescension, it actually does help clarify a few things. Let’s face it, no matter how smart you are, the economy is more complicated than any jigsaw puzzle or Rubix cube and most of us aren't going to read the full 2,300 pages.

1. Stronger protections for consumers against unfair credit card practices like rate hikes for existing credit card balances.
2. Mortgage brokers will be prohibited from making higher commissions by selling mortgages they know consumers can’t afford.
3. Free annual credit scores so people can stay on top of their finances. [Clarification: free credit scores are available if you receive worse terms on a loan because of something on your credit report, or if you are rejected.]
4. No more taxpayer-funded bailouts. If a company can’t make it, it will have to liquidate.
5. Greater input by company shareholders over how much a CEO gets paid. And companies’ compensation boards are now required to be truly independent.
6. Brokers who offer investment advice will have to act in the best interests of their customers, not their own financial interests.
7. Financial firms won't be allowed to grow so large that if one fails, it will affect the entire financial system.
8. There will be one agency whose sole job is to make sure that consumers get the protections they deserve and to set clear rules to hold banks, mortgage companies, payday lenders, and credit card lenders accountable.
9. Businesses can't be charged extra fees for debit card “swipe fees” that exceed the cost of processing transactions.
10. You can learn plenty more here at WhiteHouse,gov or at financialstability.gov

Here’s what President Obama had to say this morning:

"Because of this law, the American people will never again be asked to foot the bill for Wall Street's mistakes. There will be no more taxpayer-funded bailouts. Period."

So basically...

All of us will finally see a decrease in those pesky “POS” (point of sale) fees that stores can charge when you use your debit card (they only charge you because banks charge them).

If you’re denied a credit card, job or housing because of your credit score, you’re entitled to see your score for free, even if you’ve already used your once-a-year freebie.

Getting a home loan will be harder but you're less likely to be talked into buying one that you can't afford and might loose.

and...

Credit card companies can no longer suddenly start charging you outrageous rates that make it practically impossible to get ahead on your bills. Let's hope this one's true!

The bottom line is that a healthy economy means more jobs and a better situation for everyone. Fingers crossed that things start looking up soon.

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