Washington Reaches Financial Reform Deal That Packs Lighter Punch Than Wall Street Had Feared

The biggest Wall Street regulation overhaul since the Great Depression was approved after 20-hour House-Senate negotiations ended this morning (Friday). The legislation brings a dramatic shift in financial reform , but comes down easier on financial institutions than initially planned. The bill, named the Dodd-Frank Act after Sen. Christopher J. Dodd, D-CT, and Rep. Barney Frank, D-MA, brings sweeping reforms to consumer protection, trading restrictions for big banks, and the regulation of financial products. " It establishes the greatest consumer financial protections in American history. It prevents financial firms from taking risks that will threaten the economy. And it provides the government with significant new tools to better protect taxpayers from the damage of future financial crises, " U.S. Treasury Secretary Timothy F. Geithner said in a statement.