Senate approves sweeping legislation to revamp financial regulation

Congress has sent legislation to overhaul financial regulation to President Barack Obama to sign after the Senate approved the bill by a 60-39 vote Thursday. The bill delves into nearly every corner of the financial industry. Supporters said the measures will help prevent a repeat of the financial crisis, while critics said it will limit credit and hinder economic growth. The legislation will give a range of regulatory agencies power to write rules related to issues including consumer protection and proprietary trading. Obama is expected to sign the bill into law next week.

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