US Congress hands "sweeping" bank reform bill to Obama

The US Congress is finally close to completing the largest policy reform of the financial sector since the 1930s.

Policymakers including US Treasury Secretary Timothy Geithner spent more than 21 hours ironing out the details of the new bill, which was handed to President Obama early this morning. The reforms are the product of two separate bills on financial regulation which have now been reconciled. The bill is likely to include harsher regulation of the banking sector, especially around derivatives trading and other risky activities, although some reports suggest banks will still be able to maintain small investments of up to 3% in alternatives such as hedge funds and private equity. Describing...