Christian groups as far as Britain have offered their praise for the U.S.'s landmark financial reform bill, which was signed into law on Wednesday by President Barack Obama.

The country's biggest financial overhaul since the 1930's, the legislation requires more transparency from large financial institutions and provides stronger protection for consumers.

"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 taxpayer-funded bailouts, period," Obama declared during the signing.

The law also carries international ramifications as it requires major oil, gas and mining firms to declare tax and other payments that they make to governments in all countries where they operate.

Groups such as the Presbyterian Church (PC) U.S.A. have lauded the move as a victory for battling corruption in developing countries.

"As a church, we've been linked to Africa for more than 100 years and the call for this legislation came to us from hunger-related networks there. Presbyterians across the United States worked hard for its passage, as well as for the release of those who are jailed seeking the information this bill will make public," the Rev. Gradye Parsons, stated clerk of the PC(U.S.A.) General Assembly told the Presbyterian News Service.

"Our charity is never going to solve the problems of inadequate health care, deficient education, poor infrastructure and horrible abuses of human rights. These reforms will empower civil society to press governments to help solve these problems by diverting millions of dollars that are now channeled into corrupt purposes and into fueling conflict," Parsons added.

David McNair, Senior Economic Justice Adviser for British relief group Christian Aid, had similar sentiments, saying: "Many developing countries where Christian Aid works are sitting on massive resource wealth, but people living in poverty derive little benefit because of tax dodging and corruption."

"The transparency created by this new law will increase companies' accountability by giving the parliaments and citizens of the countries in which they operate a much clearer idea of the true nature of the deals struck between government ministers and extractive industries," he noted. "It will also enable them to spot financial abnormalities that could point to corruption."

McNair further noted that organizations such as the International Accounting Standards Board, which holds influence in over 100 countries, are discussing implementing similar standards in their policies.

"The [Dodd-Frank] Act is a landmark on the road towards comprehensive transparency around companies' tax and other payments to governments," McNair said. "'The logical next step is to apply such transparency globally."