Wall Street reform backed by Senate

The US Senate has passed a financial regulation bill that would impose the most far-reaching restraints on big banks since the Great Depression.

In its broad sweep, the massive bill would touch Wall Street CEOs and first-time homebuyers, high-flying traders and small town lenders.

The 59-39 vote on Thursday represents an important achievement for President Barack Obama, and comes just two months after his health care overhaul became law.

The bill must now be reconciled with a House version that passed in December.

A key House negotiator predicted the legislation would reach Obama's desk before the July 4th holiday.

It will give Democrats another achievement to campaign on in November's elections, and Republicans another target.

The legislation aims to prevent a recurrence of the near-meltdown of big Wall Street investment banks and the resulting costly bailouts. It calls for new ways to watch for risks in the financial system and makes it easier to liquidate large failing financial firms.