WASHINGTON - The U.S. Congress has approved the broadest overhaul of financial rules since the Great Depression and sent it to President Barack Obama to sign into law, Reuters reported.

By a vote of 60 to 39, the Senate gave final approval to a sweeping measure that tightens regulations across the financial industry in an effort to avoid a repeat of the 2007-2009 financial crisis.

Auto dealers, after months of debate, won a hard-fought exemption from the measure.

Obama will likely sign the bill into law next week, the White House said.

The legislation, which had been opposed by banks, leaves few corners of the financial industry untouched. It establishes new consumer protections, gives regulators greater power to dismantle troubled firms, and limits a range of risky trading activities by banks in a way that would curb their profits.

With Republicans poised for big gains in the November congressional elections, Democrats are eager to show voters that they are cracking down on an industry that touched off the worst recession in 70 years.

"I regret I can't give you your job back, restore that foreclosed home, put retirement monies back in your account," said Democratic Senator Christopher Dodd, one of the bill's chief authors. "What I can do is to see to it that we never, ever again go through what this nation has been through."

It is not clear whether voters will give Democrats credit.

The public's awareness and understanding of financial regulation is very low, according to a new poll from Ipsos released today.

Of those polled, 38 percent had never heard of the reform, while 33 percent had heard of it but know nothing about the legislation. Other polls show that voters' views of the reform fall mostly along party lines.

The bill has also won Democrats few friends on Wall Street as wealthy donors have started to steer more campaign contributions to Republicans.