Senate passes Wall Street reform - WKOW 27: Madison, WI Breaking News, Weather and Sports

Senate passes Wall Street reform

WASHINGTON (AP) -- The Senate has passed a sweeping overhaul of how the government regulates banks and Wall Street.

The legislation is aimed at preventing a repeat of the financial meltdown two years ago that plunged the nation into a deep recession.

The Senate passed the bill on a 59-39 vote, giving President Barack Obama a major policy victory.

The bill now must be merged with a House version. A key House negotiator predicts the bill will reach Obama's desk by the Fourth of July.

The massive legislation touches all points in the financial sectors, from tch for risks in the financial system.

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