Two years after the financial meltdown that led to the recession, President Obama signed reforms into law he says will protect consumers.

It's being called the most sweeping financial reforms since the Great Depression.

The new law will give the government new powers to break up companies that are so big they threaten to weaken the economy.

The law also means people will be provided with more information when they sign consumer contracts.

"I proposed a set of reforms to empower consumers and investors, to bring the shadowy deals that caused this crisis into the light of day, and to put a stop to taxpayer bailouts once and for all," President Obama said.

Republicans call the reforms a charade, and say it will hurt small banks, businesses and consumers.

"While President Obama pats himself on the back today, families and small businesses are bracing for yet another big-government overreach that will make it harder to create new jobs," House Republican leader, John Boehner, said.

Some experts say the real impact of American's new financial overhaul might not be felt for years.