US President Barack Obama has signed into law a sweeping overhaul of financial regulations almost two years after failures on Wall Street led to economic meltdown.
"These reforms represent the strongest consumer financial protections in history," the president said, as he signed the bill.
"And these protections will be enforced by a new consumer watchdog with just one job: looking out for people - not big banks, not lenders, not investment houses in the financial system."
Mr Obama said the bill will cut down on a culture of greedy risk-taking and "shadowy deals" that triggered the worst financial crisis in generations.
And he promised the American people that they would "never again be asked to foot the bill for Wall Street's mistakes".
"There will be no more taxpayer-funded bailouts. If a large financial institution should ever fail, this reform gives us the ability to wind it down without endangering the broader economy," he said.
The laws give the government new powers to break up companies that threaten the economy and a powerful council of regulators will be on the lookout for risks across the finance system.
While a number of factors led to such a severe recession, the primary cause was a breakdown in our financial system. It was a crisis born of a failure of responsibility from certain corners of Wall Street to the halls of power in Washington.Barack Obama on signing the bill
The Federal Reserve, the central banking system of the US, will get new powers and come under expanded congressional scrutiny.
Large Wall Street banks have welcomed parts of the bill but have fiercely opposed others that would limit their banking business and cut into their profitability.
Republicans have portrayed the bill as a burden on small banks and the businesses that rely on them, and argue it will cost consumers and choke job growth.
The bill was approved by the Lower House, the House of Representatives, at the end of last year, and marks another legislative victory for Mr Obama.
It comes after Mr Obama secured the first major legislative success of his presidency, a comprehensive health care bill.
But despite passing more significant legislation than any Democratic president in decades, Mr Obama has yet to enjoy a political boost from fulfilling his campaign promises.
His approval ratings are hanging between 40% and 50% in many polls - dangerous territory for a first-term president facing congressional elections in November.