Last week, the U.S. Senate passed the biggest overhaul of financial-industry regulation since the Great Depression, sending a bill inspired by the 2008 credit crisis to the White House for President Barack Obama's signature.  Below are the highlights of this new bill:

Consumer Protections with Authority and Independence: Creates a new independent watchdog, with the authority to ensure that American consumers get the clear and accurate information they need to shop for mortgages, credit cards, and other financial products, and protect them from hidden fees, abusive terms, and deceptive practices.

Ends "Too Big to Fail" Bailouts: Ends the possibility that taxpayers will be asked to write a check to bail out financial firms that threaten the economy by: creating a safe way to liquidate failed financial firms; imposing tough new capital and leverage requirements that make it undesirable to get too big; and updating the Fed's authority to allow system-wide support but no longer prop up individual firms.

Advance Warning System: Creates a council to identify and address systemic risks posed by large, complex companies, products, and activities before they threaten the stability of the economy.

Transparency & Accountability for Exotic Instruments: Eliminates loopholes that allow risky and abusive practices to go on unnoticed and unregulated - including loopholes for over-the-counter derivatives, asset-backed securities, hedge funds, mortgage brokers and payday lenders.

Federal Bank Supervision: Streamlines bank supervision to create clarity and accountability.

Executive Compensation and Corporate Governance: Provides shareholders with a say on pay and corporate affairs with a non-binding vote on executive compensation.

Protects Investors: Provides tough new rules for transparency and accountability for credit rating agencies to protect investors and businesses.

Enforces Regulations on the Books: Strengthens oversight and empowers regulators to pursue financial fraud, conflicts of interest and manipulation of the system that benefit special interests at the expense of American families and businesses.

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