Last night’s 59 to 39 Senate vote in favor of financial regulatory reform is the most extensive overhaul of financial-sector regulation since the 1930s, according to the Wall Street Journal. It notes that the Senate bill must now be reconciled with a similar bill passed by the House of Representatives last December, before it can be sent to President Obama to be signed into law.

In addition to a timeline of financial legislation, the WSJ article includes a useful summary of key parts of the Senate bill and where it differs from the House version. From the insurance industry’s perspective, the takeaways are as follows:

Check out I.I.I. information on regulation modernization.