House and Senate negotiators came to a final agreement early this morning on a single Wall Street reform bill, which the conference committee decided to call the Dodd-Frank bill. The two chambers will vote on the legislation next week, with President Obama likely to sign it by the Fourth of July weekend.

Here's an excerpt of CNN's write-up:

Washington (CNNMoney.com) - After a grueling 20-hour session, lawmakers early Friday finished melding the House and Senate Wall Street reform bills, bringing Congress closer to passing the most sweeping changes to the financial system since the New Deal.

Finishing at 5:39 a.m. ET, 43 lawmakers agreed to send to their respective chambers a final bill that aims to strengthen consumer protection, shine a light on complex financial products, create a new process for taking down giant, failing financial firms, and make them stronger to prevent such failure.

The votes were 20-11 among House negotiators and 7-5 among Senate negotiators, strictly along party lines. The room erupted into claps and hugs when it was all done, with staffers shaking hands and saying, "big bill."

This is an important bill for Democrats, and one the party will be pointing to extensively on the campaign trail.

UPDATE: Before departing for Toronto, President Obama gave brief remarks on the legislation from the South Lawn. Here is an excerpt:

Because of the incredibly hard work of Chairman Dodd and Chairman Frank, and the strong leadership of Chairwoman Lincoln and Chairman Peterson, and the great efforts of the conferees and members of both parties -- who were up very late last night -- we are poised to pass the toughest financial reform since the ones we created in the aftermath of the Great Depression. Early this morning, the House and Senate reached an agreement on a set of Wall Street reforms that represents 90 percent of what I proposed when I took up this fight.

Now, let me be clear. Our economic growth and prosperity depend on a strong, robust financial sector, and I will continue to do what I can to foster and support a dynamic private sector. But we've all seen what happens when there's inadequate oversight and insufficient transparency on Wall Street.

The reforms making their way through Congress will hold Wall Street accountable so we can help prevent another financial crisis like the one that we're still recovering from.

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