The nation's gravest financial crisis since the Depression demanded a government response that was just as wide-ranging. The financial overhaul bill proposed by the Obama administration and finally approved by the Senate on Thursday provided such a response.

Advocates argue credibly that the bill would reform Wall Street, protect consumers and make another crisis less likely. Rather than enshrine future taxpayer bailouts of faltering banks, as its critics charge it would do, the measure would discourage such bailouts, since banks would have to hold larger reserves to guard against losses.

The bill would create an independent consumer finance agency that would monitor credit cards, mortgages and other lending. It would give the Federal Reserve oversight of large nonbank financial companies. The Securities and Exchange Commission would gain more authority to regulate hedge fund and private equity firms.

The measure would tighten regulation of derivatives, the complex, highly leveraged financial products whose abuse has contributed greatly to the current crisis. Although the bill would not prohibit banks from trading derivatives, it does require most derivatives to be bought and sold on public exchanges, adding transparency to the system.

The bill enables regulators to shut down a nonbank financial company that is failing. Shareholders, creditors and competitors would be required to share in such a company's losses and cleanup costs with taxpayers.

Three Republican senators -- Susan Collins and Olympia Snowe of Maine and Scott Brown of Massachusetts -- joined 57 Democrats in voting for the legislation. Each won changes to protect home-state constituents, ease the bill's impact on small businesses and prevent large banks, insurers and hedge funds from being taxed to help pay for it.

The bill has deficiencies. Notably, it does not reform Fannie Mae and Freddie Mac, the gigantic, troubled, government-controlled mortgage finance agencies. It still permits too much fragmentation between federal and state financial regulation.

The measure's ultimate success will depend on the regulations yet to be written to enforce it. If lobbyists for Wall Street and big banks are allowed to make those rules, little will change for the better. If they are too tough, they could hamper needed flexibility and creativity in the financial system.

In any event, the reform bill will not prevent another global economic meltdown, as some of its overenthusiastic proponents contend. But it should fix several big problems with American finance. Following the House's lead, the Senate's approval was a service to the nation.

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