The largest overhaul of the U.S. financial system since the Great Depression was passed by the Senate in a 60-39 vote Thursday afternoon. Once signed by President Obama, the Dodd-Frank bill, named for Democratic Sen. Christopher Dodd of Connecticut and Rep. Barney Frank of Massachusetts, will establish new consumer protections and give regulators more power to dismantle troubled firms. "I regret I can't give you your job back, restore that foreclosed home," said Dodd. "What I can do is to see to it that we never, ever again go through what this nation has been through." But many Republicans oppose the legislation, calling it an intrusive overreach, and argue that it won't address problems in the housing market. "The administration and its Democratic allies in Congress have taken a crisis and used it, rather than solving it," Senate Republican Leader Mitch McConnell of Kentucky said.
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