The US Senate has given approval to the Finance Bill pushed by President Obama.

This bill is considered to be the most extensive one for the financial sector that has ever come after the Great Depression in 1930.

Aim of the bill is to avoid the mistakes that happened and led to the global meltdown in 2007-2008.

The legislation got a clear majority with 59 senates favoring it and 39 staying against. But before the bill becomes a law, it has to go to the House of Representatives in December before being signed by the President.

As part of the bill, the Obama administration has set up regulatory bodies to keep an eye on the functioning of the finance companies. There are also clauses that will restrict the functioning of these companies and is expected to bring order and accountability among the companies.

In 2008, it was found that there is complete chaos in the regulatory system of US and that led to the collapse of gigantic banks along with other institution. And so, this time more emphasis has been given to this area.