President Barack Obama scored yet another major legislative victory Thursday with the passage of an historic financial reform bill, which he is expected to sign into law as early as next week.

Roughly two years after the financial crisis paved the way for the worst recession since the 1930’s, the Senate passed the sweeping measure in a 60-39 vote.

Joining 57 of the 58 Democrats in the upper chamber were Sens. Olympia Snowe and Susan Collins, both Maine Republicans, and Scott Brown (R-MA).

Sen. Russ Feingold joined with Republicans in voting against the measure, claiming that the bill was not strong enough.

Republicans, however, tried to portray the legislation as yet another intrusion into the lives of average Americans by big government.

“The White House will call this a victory,” said Senate Minority Leader Mitch McConnell (R-KY). “But as credit tightens, regulations multiply and job creation slows even further as a result of this bill, they’ll have a hard time convincing the American people that this is a victory for them.”

But, financial interest worked extremely hard to either kill the legislation or seriously water it down. Treasury Secretary Timothy Geithner said that Wall Street spent $1 million a day lobbying against the bill. Presidential economic advisor Larry Summers said that those looking to defeat or neuter the bill have four lobbyists for each member of congress.

The U.S. Chamber of Commerce has spent an astounding $30.9 million on lobbying in the first quarter of the year, much of it to defeat financial reform. Wall Street giant Goldman Sachs spent $1.2 million lobbying in the first quarter of the year, a 70 percent increase from last year.

When flashing around that kind of money, it’s not hard to get an audience. It’s even easier when you have a cozy relationship with those that you are lobbying. According to the Lubbock Avalanche-Journal, 120 former senators, congress members and ex-committee staffers have worked for banks, investment firms and other financial institutions lobbying their former colleagues against the bill.

The legislation creates and independent Consumer Protection Agency, which will be housed in the Federal Reserve and charged with regulating nearly all forms of consumer credit, from credit cards to home mortgages.

Federal regulators will now have the power to seize and wind down large, failing banks that are deemed a systemic risk to the financial system. There will also be a regulator charged specifically with monitoring the financial system for any risks that threaten to create a crisis of a similar magnitude.

The bill will also allow regulation of the derivatives market for the first time, give shareholders a say in executive compensation packages and shuts down the Office of Thrift Supervision.

Named Dodd-Frank after its lead sponsors, Rep. Barney Frank (D-MA) and Sen. Chris Dodd (D-CT), the bill is expected to have a $19 billion price tag over the next 10 years. It will be paid for with leftover cash from the $787 billion bailout, which will be a thing of the past because of the legislation, according to Democrats.

“Because of this reform, the American people will never again be asked to foot the bill for Wall Street’s mistakes,” Obama said. “There will be no more taxpayer-funded bailouts, period.”

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