Senate Passes Massive Wall Street Regulation Bill

A key House negotiator is predicting a bill overhauling financial regulations will be on President Barack Obama's desk by the Fourth of July.

The measure cleared the Senate Thursday and must be reconciled with the House version approved in December. It would enact the most sweeping changes in the rules governing big banks since the Great Depression.

Four Republicans broke ranks. Sens. Charles Grassley of Iowa, Scott Brown of Massachusetts, and Olympia Snowe and Susan Collins of Maine voted in support of the measure.

Passage marks a major victory for the president. It came just two months after his health care overhaul became law.

The legislation aims to prevent a recurrence of the near-meltdown of big Wall Street investment banks and the resulting costly bailouts. But Alabama Republican Richard Shelby says judgment will be rendered by the marketplace.

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