WASHINGTON - President Obama takes off for a short vacation today with a major accomplishment packed in his bag - a financial overhaul that will be a major keepsake on the campaign trail.
The Senate voted 60 to 39 yesterday to pass the greatest overhaul of the banking and finance systems since the Great Depression.
The mostly party-line vote hands Obama yet another tough legislative victory that Democrats plan to tout all the way through November, even though earlier big wins like health reform and the stimulus act have so far failed to fire up voters.
But the White House plans to roll out frequent reminders of the finance bill, which includes new rules to control risky derivatives trades and a new financial consumer protection agency and gives regulators the power to dismantle companies "too big to fail."
"The American people will never again be asked to foot the bill for Wall Street's mistakes," Obama said. "There will be no more taxpayer-funded bailouts - period."
Just three Republicans backed the measure, and others say it will hamper the economy by punishing job-creating businesses.
House Minority Leader John Boehner (R-Ohio) yesterday said the bill is " going to punish every banker in America for the sins of a few on Wall Street."
"I think it ought to be repealed," he added.
The White House has long predicted that reining in Wall Street would connect with middle-class voters. And Obama aides plan to milk it for everything it's worth, sources said.
Democrats quickly circulated Boehner's defense of bankers yesterday and targeted Republican senators who opposed the bill.
The President is expected to sign the measure when he gets back from his break, which would give him a fresh high-profile opportunity to tout the win.
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