The US Senate has passed a bill providing the most sweeping overhaul of financial regulations since the 1930s. The Senate passed the bill by 59 votes to 39. The bill creates new ways to watch for financial risks and makes it easier to liquidate large failing firms. President Obama said Americans would never again pay for Wall Street's mistakes. He described it as a victory over Wall Street which he said tried and failed to undermine the reforms. The bill will create a new watchdog agency and will seek to reform the complicated derivatives market.