U.S. President Barack Obama Thursday welcomed the Senate's passage of financial regulation reform, saying there will be no more taxpayer bailouts and that Americans won't have to foot the bill for Wall Street's excesses, Xinhua reported.
By a vote of 60 to 39, the U.S. Senate approved Thursday the landmark financial overhaul, setting a new milestone in the U.S. financial regulatory legislation history since the Great Depression in 1930s.
Obama said the new legislation ensures that the bill will bring security to families, businesses.
He said that the bill will stop "shadowy deals" that helped trigger the financial crisis and the reforms would provide historic protections for consumers.
The president also said the law would build an "innovative, creative, competitive" economy that was less prone to panic.
The legislation, which is expected to be signed into law by the president next week, is considered as another political victory after the Health Care reform which concluded earlier this year.