President Barack Obama has joined US Federal Reserve chairman Ben Bernanke in hailing the passage through Congress of "far-reaching" financial reforms.
"The financial reform legislation approved by the Congress represents a welcome and far-reaching step toward preventing a replay of the recent financial crisis," Bernanke said in a statement.
Just minutes earlier the US Senate gave final approval to the most sweeping rewrite of Wall Street rules since the Great Depression of the 1930s, handing President Barack Obama a legacy-shaping political victory.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
The largely party-line 60-39 vote sent the 2,300-page legislation, meant to rein in risky big bank practices blamed for the 2008 global economic meltdown, to Obama for his signature, expected next week.
The legislation is expected to significantly beef up the Fed's regulatory powers, despite criticism that it and other watchdogs were asleep on the job during the financial crisis.
