Wednesday, October 1st, 2014

President Obama signs financial reform law

President Obama signs new financial regulations into law on Wednesday.
President Obama signs new financial regulations into law on Wednesday.

President Obama signed into a law a major overhaul of the financial regulatory system on Wednesday. We moved the Obameter to Promise Kept on Promise No. 422, to create new financial regulations.

That promise is among the 25 campaign promises  we've designated his most important promises. How's he doing on the rest of them?

The largest number of top promises -- 13 of them -- are still rated In the Works. That means the measure has been proposed or promoted but hasn't been fulfilled.

Obama has earned In the Works ratings for promises such as removing combat troops from Iraq, closing the Guantanamo Bay detention facility, securing the nation's borders, creating 5 million green jobs and getting cap-and-trade energy legislation passed.

The next largest category is Promise Kept -- we've designated five promises as fulfilled.

That includes his most recent action, signing into law new financial regulations, as well as his promises for mandating health insurance for children, fully funding the Veterans Administration, sending more troops to Afghanistan and conducting a review of mandatory minimum sentences for nonviolent drug offenders.

Among the rest of the top 25 promises:

We've rated four promises Compromise: create a foreclosure prevention fund for homeowners, create a $500 tax credit for workers, create a national health insurance exchange and require more disclosure and a waiting period for earmarks.

We've rated two promises Stalled; those are restrict warrantless wiretaps and provide a path to citizenship for undocumented immigrants

We've rated one of the top promises Broken, create tougher rules against revolving door for lobbyists and former officials. We found too many loopholes in the White House rules on lobbyists working in the administration.

We are monitoring all of the 500-plus promises in our Obameter database and are poised to change the ratings when circumstances warrant.