Obama praises committee vote on Wall St. rules

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Obama praises committee vote on Wall St. rules

WASHINGTON – President Barack Obama is praising the Democrats' massive Wall Street regulation bill as it heads to the full Senate.

The Senate Banking Committee approved the measure along party lines Monday.

The legislation would give the government unprecedented powers to split up firms considered a threat to the economy, put together a council of regulators to watch for risks in the financial system, and create an independent consumer watchdog.

Obama says in a statement that the nation is "one step closer" to passing financial reform that he contends will bring oversight and accountability to the U.S. financial system.

Obama says the proposal will ensure taxpayers don't have to pay the price for Wall Street's irresponsibility.