US financial reforms passed by Senate; Volcker rule enacted

The US Senate has approved the largest overhaul of financial regulation since the Great Depression, which is aimed at averting a repeat of the recent credit crisis.

In a major victory for President Barack Obama, the reforms will bring added regulation to Wall Street and aims to improve mortgage lending and eliminate the easy access to credit. After being passed by the US House of Representatives earlier this month, Senators yesterday approved the bill by 60 votes to 39. Speaking after the vote, Obama said the US public would never again be "on the hook for Wall Street's mistakes." "Even before the financial crisis that led to this recession, I spoke on Wall Street about the need for common sense reforms to protect consumers and our economy as ...