On Thursday, it was seen that the Senate accepted the most extensive overhaul of financial-sector regulation since the 1930s. It was expected by the Senate that it would avoid a repeat of the financial crisis that hit the U. S. economy.

It was noticed that the legislation had passed the Senate 59 to 39 and would now be reconciled with a similar bill that was passed by the House of Representatives in December.

It was seen that because the controversial measure that was supported by the Obama administration, new regulatory bodies were set up and the actions of banks and other financial firms would be restricted.

It was noticed that the legislation would be making a new council of systemic risk regulators that would monitor growing risks in the financial system.

A new consumer protection division would also be created within the Federal Reserve charged with writing and by implementing new rules that would target abusive practices like mortgage lending and credit-card issuance.

"Simply, the American people are saying, 'you've got to protect us,' and we didn't back down from that. When this bill becomes law, the joyride on Wall Street will come to a screeching halt", said Senate Majority Leader Harry Reid.