The House of Representatives has passed a sweeping overhaul of financial regulations, setting the stage for a final vote in the Senate where votes for the far-reaching bill remained in flux.
The party-line vote came after Democrats backed down from a $19 billion tax of major banks and hedge funds in hopes of securing Senate Republican votes.
At least one crucial Republican senator remained uncommitted, however. The Senate delayed its vote to mid-July, which denies President Obama a victory before the July 4 Independence Day holiday.
The legislation creates a new federal agency to police consumer lending, sets up a warning system for financial risks, forces failing firms to liquidate and lays out new rules for instruments that have been largely uncontrolled.
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