Senate Passes Massive Wall Street Regulation Bill

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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