The US Senate finally passed a landmark reform of Wall Street on Thursday, delivering President Barack Obama’s second big legislative victory and ushering in a raft of restrictions on banks.
Mr Obama will next week sign into law the Dodd-Frank Act, bringing to a close a year-long effort to overhaul the US financial system and its regulators. “The American people will never again be asked to foot the bill for Wall Street’s mistakes,” the president said.
Democrats in the Senate managed to attract three Republicans to secure the minimum 60 votes necessary to bring the debate to a close. A final vote was 60-39 in favour of the bill.
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