Done deal: Senate passes financial reform bill

The Senate passed the broadest reform of the nation’s financial system since the Great Depression Thursday, paving the way for President Barack Obama to sign into law his administration’s third piece of major legislation.

At a thud-inducing 2,300 pages, the legislation is designed to rein in big banks and protect consumers, with the aim of averting a repeat of the 2008 financial crisis.

Its ultimate impact, however, will depend on the government regulators assigned to implement it.