"There will be a winding down of the fees banks nickle and dime consumers with, and banks will no longer be able to use depositers' money, the money that you and I might put in a bank in the United States, to speculate on Wall Street," our correspondent said. 

Drafting this legislation makes for good domestic politics and will help Barack Obama, the US president, as he travels to Canada for the G20 summit, our correspondent said.

"I think politicans are riding, surfing, on a wave of anger against Wall Street, against the bailout. People from across the spectrum, right and left, and angry about what happened."