US Senate passes financial sector regulations

Plans to introduce new regulations governing the financial sector in the US have been approved by the Senate.

The changes, which will be the biggest overhaul of rules applying to the sector since the 1930s, were passed by 58 votes to 39.

Increased governance for banks and capital markets will be brought in as a result, in an effort to prevent a repeat of the financial crisis that prompted the global economic downturn.

The move - which could influence private banking operations in the UK - was hailed by President Obama.

He said US citizens will never have to pay ’for Wall Street’s mistakes’ again.

However, the regulations cannot be implemented until they are merged with a version that was approved by the House of Representatives in December.

According to Reuters, futures indicate the US stock markets will open slightly higher when trading begins today (May 21st).ADNFCR-2318-ID-19791900-ADNFCR