President Obama is expected to sign the financial reform bill on Wednesday, according to lobbyists and sources on Capitol Hill.

The House approved the sweeping overhaul 237 to 192 on June 30, and the Senate approved it Thursday on a vote of 60 to 39.

Once the bill is signed regulators will have the task of implementing hundreds of regulations and commencing dozens of studies.

The bill is meant to shield the financial system from systemic threats, provide stronger regulation of bank activities and improve consumer protections.

The enactment of financial reform will signify the conclusion of one of the Obama administration's major legislative priorities.

This story has been reprinted with permission from American Banker.

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