Senate approves Wall Street shake-up bill

The US Senate has passed a historic bill to shake-up financial regulations.

The bill – which passed by 59 to 39 votes – creates new mechanisms for identifying financial risk.

President Obama said Americans would never again pay "for Wall Street's mistakes".

There will be further votes before the bill becomes law.

However, the vote is a crucial stage of the process, with some Republicans trying to scupper the measures which also make it easier to liquidate large companies.

Democratic Party Senate Majority Leader Harry Reid said: "To Wall Street it says 'no longer can you recklessly gamble away other people's money'."