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Washingtoncongressionalnegotiatorsstruckadealfridayonthetoughestfinancialregulationssincethegreatdepression,aimingtoreininwallstreetexcessandtightenrulesoneverythingfromsimpledebitcardswipestothemostcomplexsecurities.Houseandsenatebargainersapprovedthedealafteranall-nightmeeting,givingpresidentbarackobamaafreshcampaign-seasontriumphafterhishealthcareoverhaulandanachievementtotoutattheweekendglobaleconomicsummitincanada.Democratshopelawmakerscanpassthelegislationandshipittoobamaforhissignaturebyjuly4,cappingaburstofactionpromptedbytheworstrecessioninsevendecades.Thelegislationcreatesanewfederalagencytopoliceconsumerlending,setupawarningsystemforfinancialrisks,forcefailingfirmstoliquidateandmapnewrulesforinstrumentsthathavebeenlargelyuncontrolled.Leavingthewhitehousefortheeconomicsummit,obamasaidthepackagewill"helppreventanotherfinancialcrisisliketheonethatwe"restillrecoveringfrom."Whilesomefinancialanalystssaiditwouldsettoughnewrestraintsonbanks,otherssaidtheywouldsimplyfindnewwaystomakemoneybygettingaroundtherulesandestablishingnewfees.Bankstockssoaredasinvestorsappearedrelievedthattheruleswerenotasstrictasthey"dfeared.Bankofamericacorp.Stockrosemorethan2percent,whilegoldmansachsgroupinc.Andjpmorganchase&co.Eachposted3percentgains.Asitreinsinbanksandsetsnewrulesforhighfinance,thelegislationalsoreachesdowntosomeofthemostcommonplaceconsumertransactions.Thefederalreservewillhavetosetnewlimitsonthefeesbankschargemerchantswhoacceptdebitcards.Retailers,whowouldstandtosavebillionsinpayments,wouldbeabletooffercustomersreducedpricesfordebitcarduse.Bankssaidthelimitscouldsimplyshiftcoststootherbankingproducts.Lenderswouldnolongerbeabletomakealoanwithoutverifyingthattheborrowercanrepayit.Theywouldhavetodisclosethemaximumamountthatborrowerscouldpayonadjustable-ratemortgagesandtheywouldbebarredfromreceivingincentivestopushhomebuyersintohigh-pricedloans.Asidefromthesweepofthelegislation,theagreementgivesthepresidentanothersignatureachievementjustthreemonthsafterhepushedareshapingofthenationshealthcaresystemthroughcongress.Withdeeppublichostilitytowardwallstreetandthegovernmentbailoutsthathelpedrescuethem_anassociatedpress-gfkpollthismonthfoundthat79percentblamebanksandlendersfortheeconomicproblemsdemocratscanonlyhopethemeasurewillhelpthemclingtotheircongressionalmajoritiesinthenovemberelections.Hopingtolatchontopopulistanger,housespeakernancypelosi,d-calif.,Saidthelawsendsaclearwarningthatwallstreetrecklessnesswontbeallowedtospreadjoblessnessacrossthecountry.Theconsumerfederationofamericasaidthepackagewould"improvethemarketplaceforconsumersandtherebyimprovethestabilityofoureconomy."Evenso,themeasurespoliticalimpactisunclear.Intheap-gfkpoll,7in10alsoblamedlaxfederalregulationfortherecession,6in10blamedpeoplewhocouldntaffordtheirloansandnearlytwo-thirdsdoubtedthelegislationwouldwardoffafuturedownturn.Theagreementwasforgedatdaybreakina20-hoursessionmarshaledbyhousefinancecommitteechairmanbarneyfrank,d-mass.,Andsenatebankingcommitteechairmanchristopherdodd,d-conn.Lawmakershonoredtheirworkbynamingthebillafterthem.Thelegislationwasnotwithoutitscritics.Republicanscomplainedthatitignoredtheireffortstoimposetighterrestrictionsonfanniemaeandfreddiemac,themortgagegiantswhohavebenefitedfromhugefederalbailoutsandwhosequestionablelendinghelpedtriggerthehousingandeconomicmeltdowns."Democratshavecraftedabillthatfailstoaddresstheoriginsofthecrisisandwillnotpreventareplayofeventsinthefuture,"saidrep.Tomprice,r-ga.,Amemberofthehousegopleadership.Hesaidthemeasurewouldhindereconomicgrowthandhurtconsumersbylimitingtheiraccesstocredit.Vikrampandit,ceoofthefinancialgiantcitigroup,saidhehopesthemeasure"willprovidedirectionandstabilityforthefinancialsystemgoingforward."Someanalystssaidinvestorswererelievedtoknowthenewrulesdidntendupbeingevenharsher."Itclearstheplayingfieldalittlebitsoatleastyouknowwhatyou"reupagainstandyoucanstarttoplanaroundthat,"saidjimdunigan,managingexecutiveofinvestmentsforpncwealthmanagementinphiladelphia."Thenomanslandthattheywereinwhiletheywerecraftingthefinalbilllefttoomuchuncertainty."Inanumberofwaysthebillwastougherthanwhattheobamaadministrationinitiallyrequestedfromcongress.Butsecuringthevotesofmoderatedemocratsinthehouseandahandfulofrepublicansinthesenatealsomeantsofteningsomeprovisionsinthebill.Bowingtothelobbyingmightofthenations18,000autodealers,negotiatorsagreedtoexemptcarsellersfromtheoversightofthenewconsumerfinanceprotectionbureaucreatedbythelegislation.Unabletoagreeonlegislativerestrictions,lawmakersdecidedtosimplyrequireasecuritiesandexchangecommissionstudyofhowtomakestockbrokersmoreaccountablefortheadvicetheygiveclients.Lobbyiststoneddownprovisionsinthebillthat:requirebankholdingcompaniestospinofftheirderivativesbusinessintoself-fundedsubsidiaries.Bankswouldbeallowedtokeeplessriskyderivativesoperations.Setnewstandardsforwhatbanksmustkeepinreservetoprotectagainstlosses.Lobbyistscarvedoutagrandfatherexceptionforbankswithassetsoflessthan$15billion.Adoptedtheobamaadministrationsso-called"volckerrule,"namedafteritschiefadvocate,formerfederalreservechairmanpaulvolcker.Commercialbankswouldnotbepermittedtotradeinspeculativeinvestments.Butnegotiatorsagreedtolettheminvestinhedgefundsandprivateequityfunds,settinganinvestmentlimitofnomorethan3percentoftheircapital.Largeu.S.Banksandforeignbankswithoperationsintheunitedstatesarealreadyevaluatingwhatoperationstheycanmoveabroadtoavoidstricteru.S.Regulationontheiroperations,analystssaidfriday.Nationsinthe16-nationeurozoneareseenasunlikelytobenefitbecausetheeuropeanunionisexpectedtocomeupwithitsrulesforagovernmentcrackdownonrisk-takingbankersinhopeofwardingoffadditionalexpensivebailouts.Asia,withalooserregulatoryenvironmentandabusiness-friendlyreputation,couldbenefitmore.___associatedpressbusinesswritersdibyasarkarinwashington,timparadisinnewyorkandalanclendenninginmadridcontributedtothisreport. 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