Lawmakers agree on historic Wall Street reform at dawn

The bill would dramatically reshape the financial landscape in the United States.

It sets up a new consumer-protection authority and gives regulators new power to seize troubled financial firms before they harm the broader economy.

Though it leaves largely intact the patchwork of federal regulators that failed to stop the last crisis, it sets up an interagency council to monitor system-wide risks to stability.

It forces much of the over-the-counter derivatives market, which worsened the financial crisis and led to a $182 billion bailout of insurer AIG, onto more accountable channels like clearinghouses and exchanges.

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