THE UNITED STATES Senate has passed new measures that will tighten financial regulations across  the country.

The votes were cast in the Senate on Thursday night at 60 votes to 39. The decision comes as a significant victory for President Barack Obama.

Ombama proposed the reforms in response to the global financial crisis sparked by the collapse of the US property market, however he has came up against major resistance from Wall Street.

The Wall Street lobby’s efforts were undermined by the hefty bonuses that were paid out just months after the US government agreed to a $700b bailout for the banks; bonuses for the city’s bankers rose by 17% in 2009, provoking public outrage.

Obama said that reform would empower Americans, by providing  clear and concise information regarding the purchase of financial products. He added:

“The American people will never again be asked to foot the bill for Wall Street’s mistakes… Unless your business model depends on cutting corners or bilking your customers, you have nothing to fear from this reform.”