The bill of finance cleared the Senate by a vote including 39 voters support of 60. US President Barack Obama will decide to sign into law next week. The legislation, which will vastly reform the way big financial firms do business, is the most-sweeping set of changes to the financial regulatory system of the Unites States since the 1930s.
According to its other provisions, the 2,300-page piece of legislation creates a consumer protection regulator as well as subjects more financial companies to federal oversight. The legislation also sets up a registered derivatives exchange and expands the authority of regulators to limit risk-taking and break up ailing financial firms as well as institutions that threaten the economy. In addition, the law imposes regulation on opaque markets for the first time. A number of the details have been left for regulators to work out but the first visible result may come in about two years.