WRAPUP 5-Wall St reform passes, goes to Obama for signing

Thu Jul 15, 2010 3:03pm EDT

* Senate gives bill final Congressional approval

* Obama wants to sign it into law next week

* Treasury says already planning for implementation

* Public awareness of reforms remains low (Adds bill passage)

By Andy Sullivan and Kevin Drawbaugh

WASHINGTON, July 15 (Reuters) - The U.S. Congress on Thursday approved the broadest overhaul of financial rules since the Great Depression and sent it to President Barack Obama to sign into law.

By a vote of 60 to 39, the Senate gave final approval to a sweeping measure that tightens regulations across the financial industry in an effort to avoid a repeat of the 2007-2009 financial crisis.

Obama will likely sign the bill into law next week, the White House said.

The legislation, which had been opposed by banks, leaves few corners of the financial industry untouched. It establishes new consumer protections, gives regulators greater power to dismantle troubled firms, and limits a range of risky trading activities by banks in a way that would curb their profits.

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