After months of intense debate, the U.S. Senate has finally passed the sweeping financial overhaul bill, which will regulate consumer-business relations and impose new rules on credit card companies, according to the Boston Globe.
Democrats received the support they needed from three New England republicans, Scott Brown, of Massachusetts, and Olympia Snowe and Susan Collins, of Maine. The legislation passed with a 60-39 vote, and had already been approved by the house.
The final step for the bill, signed approval from President Obama, will be completed in a ceremony next week.
"I'm about to sign Wall Street reform into law, to protect consumers and lay the foundation for a stronger and safer financial system, one that is innovative, creative, competitive and far less prone to panic and collapse," the President said in a televised speech. "Unless your business model depends on cutting corners or bilking your customers, you have nothing to fear."
While the new bill will protect some credit card holders from hidden fees and rising interest rates, many in the U.S. are still concerned about credit card debt. According to MSNBC, those who are trying to overcome credit card debt should stop plastic to make purchases altogether.