WASHINGTON, July 21 (Xinhua) -- U.S. President Barack Obama on Wednesday signed into law the financial regulation reform bill, the most ambitious rewrite of the country's financial-regulatory system since the Great Depression.

"These reforms represent the strongest consumer financial protections in history," Obama said at the signing ceremony at the Ronald Reagan Building a few blocks from the White House. "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."

"Reform will also rein in the abuse and excess that nearly brought down our financial system. It will finally bring transparency to the kinds of complex, risky transactions that helped trigger the financial crisis," he said.

The president was joined by a wide array of nearly 400 individuals who were instrumental in passing this historic legislation, including members of Congress, state and local officials, consumer advocates, business leaders, and Americans who will be impacted by the reform.