Wall St reform bill goes into final leg

With the historic overhaul of US financial rules nearly complete, lawmakers have waited until the final, frantic hours to sort out the most controversial provisions in the bill.

Democrats in charge of the process appear likely to retain tough restrictions on banks' trading and investment activities that could crimp profits for the foreseeable future.

But last-minute deals could lead to exemptions for mutual funds, manufacturers and other business interests.

The broadest rewrite of Wall Street rules since the 1930s aims to avoid a repeat of the 2007- 2009 financial crisis that plunged the economy into a deep recession.

Negotiators aim to resolve differences between versions passed by the House of Representatives and the Senate in a final session.

Success would allow President Barack Obama to hold up the legislation as a model for other economic powers weighing reforms at this weekend's Group of 20 meeting in Canada.

Source: Global Times