Overhaul of Financial Regulation on Path to Obama’s Desk

The U.S. Congress is on pace to deliver a sweeping re-write of Wall Street’s rules to President Barack Obama by July 4, meeting the deadline lawmakers set for themselves.

House and Senate negotiators, after a marathon 20-hour session, early yesterday approved a bill aimed at increasing oversight and regulation of the U.S. financial system. They brokered last-minute deals on a ban on proprietary trading by banks and oversight of the derivatives market.