Wednesday marked the end of the year long battle by advocates to eradicate taxpayer-funded bailouts of failed banks. President Obama signed the Wall Street reform bill into law, making this the most influential overhaul of the financial system since the New Deal.

“Because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes,” Obama said in a ceremony at the Ronald Reagan Building in Washington. “There will be no more taxpayer-funded bailouts. Period.”

The law also immediately grants regulators stronger powers to break up financial companies that have outgrown their welcome.

The law also takes into account the unfair practices in consumer loans and credit cards by creating a new consumer protection agency setting new rules curbing these unethical business applications. It also seeks to clarify the complex financial products called derivatives previously a cause of much frustration.

“These reforms represent the strongest consumer financial protections in history,” Obama said. “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.”

Senator Christopher Dodd, D-Conn., and Rep. Barney Frank, D-Mass. were both present at the signing along with Obama as the two committee chairmen who sponsored the bill.

Among the President’s 400 guests on an invitation list to the ceremony was Elizabeth Warren, a Harvard law professor and the leading candidate for running the consumer protection agency, as well as Vikram Pandit, the chief executive of bailed-out Citigroup, and Bob Diamond, president of the British lender, Barclays

Elizabeth Warren, the Harvard law professor considered a leading candidate to run the consumer protection agency, was among the President’s 400 guests on an invitation list to the ceremony. Also invited were Vikram Pandit, the chief executive of bailed-out Citigroup, and Bob Diamond, president of British lender Barclays.