The Senate has passed a sweeping reform of financial regulation that’s been described as the biggest overhaul of financial rules since the 1930s. The 59-to-39 vote came largely on party lines. Two Democratic senators, Russ Feingold of Wisconsin and Maria Cantwell of Washington, voted against the bill, saying it does not go far enough in preventing another economic meltdown. Four Republicans also broke party ranks to support the measure. Shortly before the final vote was held, President Obama praised the bill at the White House.

President Obama: “Because of financial reform, the American people will never again be asked to foot the bill for Wall Street’s mistakes. There will be no more taxpayer-funded bailouts, period. If a large financial institution should ever fail, we will have the tools to wind it down without endangering the larger economy, and there will be new rules to prevent financial institutions from becoming too big to fail in the first place, so that we don’t have another AIG.”

The bill now appears headed to a House-Senate conference committee, where lawmakers will work to resolve differences between the two chambers.