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WASHINGTON, DC-By a vote of 59 to 39, the Senate passed a measure that promises to reshape the regulatory environment for banks and Wall Street. The 1,500-plus bill now heads to the House-Senate Conference Committee to reconcile differences between the two chambers’ versions. House Financial Services Chairman Barney Frank, one of the lawmakers on the committee, has told reporters he expects to wrap up that part of the process in time for President Barack Obama to sign the final version by the Fourth of July holiday.

Exhaustively debated, the measure touches upon a wide range of issues from establishing a consumer protection agency within the Federal Reserve Bank to setting new requirements for credit rating agencies and higher capital requirements for larger banks. The bill also establishes a process for the government to wind down or dismantle failing financial institutions.

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