Wall Street overhaul approved by US Senate

The US Senate passed legislation last night toughening regulation of the financial sector.

It voted 59 to 39 to pass the 1,500-page Restoring American Financial Stability Act, after months of argument between Democrats and Republicans over President Obama's reform proposals, The Times reports. The House of Representatives passed its own bill based on the President's ideas last December. Now lawmakers from both branches of Congress must meld the two bills into one piece of legislation. Barney Frank, who headed the creation of the House bill, said Obama could sign the combined bills into law well before July 4. The Senate bill introduces a new consumer financial protection...