The Restoring American Financial Stability Act of 2010 passed the U.S. Senate late yesterday by a vote of 60-39 and now goes to President Obama for signature, which is expected to happen by next week.

In an Associated Press article, Federal Reserve Chairman Ben Bernanke, who will be charged with implementing the new law, said the Senate vote represents a “far-reaching step toward preventing a replay of the recent financial crisis.”

Besides instituting new reforms aimed at reining in the excesses of recent years on Wall Street, the new law will create a Consumer Financial Protection Bureau to develop and enforce regulations on mortgage lending, credit cards and other financial products.

The new law also gives the government new powers to break up companies whose poor financial conditions threaten the economy.

To download a copy of the entire Restoring American Financial Stability Act of 2010, click here.

To learn how the new laws may impact your financial or estate planning, consult with your California estate planning attorney.