07/16/2010 05:48 pm ET | Updated May 25, 2011

The Highlights Of The Financial Reform Bill (PHOTOS)

Congress just passed a sweeping overhaul of America's financial regulatory system.

The financial bill cleared the Senate by a vote of 60 to 39, and is to be signed into law by President Obama next week.

Among its other provisions, the 2,300-page piece of legislation creates a consumer protection office housed within the Fed, it establishes a registered derivatives exchange that will shed light on an otherwise opaque market, and it expands regulators' authority to limit risk-taking and break up ailing financial firms and institutions that threaten the economy. But that's not all.

The bill contains a plethora of regulatory repairs. For those of us who don't have time to read the entire 2,300-page document, here's the Associated Press has put together some of the main highlights from the new-born bill.

Provisions of The Financial Overhaul Bill