Senate passes massive Wall Street regulation - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Senate passes massive Wall Street regulation

Washington -

WASHINGTON (AP) - The Senate has passed a sweeping overhaul of how the government regulates banks and Wall Street.

The legislation is aimed at preventing a repeat of the financial meltdown two years ago that plunged the nation into a deep recession.

The Senate passed the bill on a 59-39 vote, giving President Barack Obama a major policy victory.

The bill now must be merged with a House version. A key House negotiator predicts the bill will reach Obama's desk by the Fourth of July.

The massive legislation touches all points in the financial sectors, from Wall Street CEOs and first-time home buyers, to high-flying traders and small town lenders.

The bill calls for new ways to watch for risks in the financial system.

Copyright 2010 by The Associated Press. All Rights Reserved.

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