The financial reform legislation, which the government designed in an attempt to protect consumers and the economy as a whole from the risky practices of banks, also provides for regulation of auditors of broker-dealers by the Public Company Accounting Oversight Board, and exempts smaller public companies with a market cap of under $75 million from Sarbanes-Oxley Section 404(b) audits of management's assessment of internal controls.

Democrat Russ Feingold of Wisconsin, voted against the financial reforms bill, whereas, three Republicans Collins and Olympia Snowe of Maine and Scott Brown of Massachusetts voted in favor of the bill.

The financial reform legislation was President Barak Obama’s one of the top domestic priority after the passage of health care legislation. The financial reform bill was the second historic legislative triumph this year for President Barak Obama, who signed a bill overhauling U.S. health care in March. According to the White House, spokesman Robert Gibbs, Obama would sign the bill as soon as possible.