The US Senate, voting by 59-39, has approved on Thursday a comprehensive reform bill poised to overhaul financial industry regulations amidst calls from many legislators and economic analysts to check the excesses of Wall Street, which are blamed by many as the biggest contributing factor in the 2008 global financial crisis.

The most sweeping reform bid coming from the Capitol since the 1930s Great Depression, US President Barack Obama is expected to sign the legislation into law once it has hurdled conflicts with a rival House of Representatives version, with House member Barney Frank expressing optimism that "the president will have signed this bill well before the Fourth of July."

The reform bill is aiming to control giant companies' high-risk practices which are deemed as the main culprit of the financial meltdown in 2008, to deny any future tax-funded bailouts for major firms which are seen before as too important to allow failure and to create a consumer protection agency that will shield the public from financial industry abuses.

US legislators have also intended the bill to check on large banks' high-yielding but unregulated dealings in complex securities known as derivatives that many major businesses utilise as buffer from risks of volatile prices.

The new measures will also require the US Federal Reserve to institute more reforms that will encourage more transparency on its policies, with further accountability from all the central bank's actions and decisions.

President Obama, who has made the bill as his administration's top domestic goal, gave assurance that the reform bill is not intended to stifle the power of the free market but will only "bring predictable, responsible, sensible rules into the marketplace."

He added that White House's main goal is not to run after and punish erring banks "but to protect the larger economy and the American people from the kind of upheavals that we've seen in the past few years."

President Obama score the efforts by some sectors from the financial industry to kill the bill, saying that they are only destined to fail as he accused them of dispatching "hordes of lobbyists and millions of dollars in ads to discredit the measures and then trying to water it down."