The bill was approved to make the financial institutions more accountable and to take the cautions so that the disaster like 2008 market collapse wont happen again.
The bill is now headed to the White House for Obama to sign in into law after passing by 60 to 39 votes.
"We're giving consumers and taxpayers the strongest protections they've ever had. We're giving Wall Street the strongest oversight it's ever had, not to stifle it, but to safeguard us," said Harry Reid, Senate Majority Leader.
He also added,"we're taking the shady markets that operate in the darkness and bringing them out into the daylight."
Many people, however, said that the bill can not handle the Wall Street recklessness.
Bernie Sanders, Senator called the overall legislation a "positive step forward."
But he also said that much more had to be done to end the greed and recklessness of Wall Street financiers responsible for the worst economic collapse since the 1930s.