President Barack Obama has signed into law the most sweeping overhaul of US financial regulations since the Great Depression.

The bill targets the kind of Wall Street risk-taking that helped to trigger a global financial meltdown.

Obama signed it before an audience including bankers, lawmakers and people hurt by the financial crisis and promised: “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 tax-funded bailouts. Period.”

Obama, looking to November congressional elections, pitched the changes as “reforms to empower consumers and investors.”

The American Bankers Association expressed disappointment and said the legislation: “contains a tsunami of new rules and restrictions for traditional banks that had nothing to do with causing the financial crisis in the first place.”