WASHINGTON D.C. (WKZO) -- President Obama has signed a landmark Wall Street reform bill, the most aggressive reform of the financial sector since the Great Depression. In a signing ceremony in downtown Washington, DC, the President called it a historic occasion. Obama said the legislation responds to the 2008 meltdown on Wall Street.

WMU Finance Professor Christopher Korth says it will also protect the housing market. He says If these rules had been in place during the Bush years, it would be a different world today. The President said the measure will force Wall St. to "play by the rules."

The Reform bill is President Obama's second major legislative victory this year, following earlier passage of healthcare reform. Critics of the new finance reform bill says it will cost jobs and could set back the recovery but Wall Street isn’t quite sure it’s ready to concede that. Even seasoned observers such as Investment Adviser Kevin Clark admit that he’s not exactly sure what comes next. Add to that the economic reform bill that President Obama signed into law on Wednesday, and volatility could be a mild way to describe the feelings on Wall Street these days.