US Senate approves sweeping reforms of Wall Street

Fri May 21, 2010

BBC News

The US Senate has passed a bill providing the most sweeping overhaul of financial regulations since the 1930s.

The Senate passed the bill by 59 votes to 39. It must still be merged with a version in the House.

The bill creates new ways to watch for financial risks and makes it easier to liquidate large failing firms.

President Obama said Americans would never again pay "for Wall Street's mistakes" adding that Wall Street had tried but failed to scupper the bill.