Sen. Chris Dodd, chairman of the Senate Banking Committee and one of the measure's chief proponents, said it marks a "major step towards creating a sound economic foundation for the American people we represent. This is their victory."
The bill, says Dodd, includes a Consumer Financial Protection Bureau, provides for greater transparency of the derivatives market and puts into place new regulations on large companies that fail.
And, Dodd said, "for the first time ever, we will have an advance warning system, so somebody is on the lookout for the next big problem in the economy before it's too late to do anything about it.
The measure must now be reconciled with the financial reform bill passed by the House. "I look forward to working with my colleagues in the House to produce a strong bill that will protect consumers, protect our economy, and hold Wall Street accountable,'' Dodd said.