Congress has given final approval to a sweeping overhaul of financial regulation following nearly a year of negotiations. On Thursday, the Senate voted 60-to-39 to send the measure to President Obama’s desk. The overhaul would create a consumer protection agency within the Federal Reserve, impose new limits on the derivatives market, and restrict trading by banks. President Obama hailed the measure’s passage.

President Obama: “All told, this reform puts in place the strongest consumer financial protections in history, and it creates a new consumer watchdog to enforce those protections. Because of this 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.”

Three Republicans joined the Democratic majority to push the measure through. Senator Russ Feingold of Wisconsin was the lone Democrat to oppose the bill, saying it doesn’t go far enough. In a statement, Feingold said, “Washington once again caved to Wall Street on key issues and produced a bill that fails to protect the American people from the pain of another economic disaster.”