The Senate has passed the financial reform bill -- legislation whose content is expected to bring landmark changes to the financial industry.

In a statement following Thursday's 60-39 vote on the bill, President Barack Obama stated that "from now on, every American will be empowered with the clear and concise information you need to make financial decisions that are best for you." The measure is expected to be signed into law by the president by the middle of next week.

Supporters of the massive 2,200-page bill say it will bring safeguards to consumers which led to the nation's current financial crisis. But critics are reluctant to believe what President Obama and those supporters say about the Chris Dodd/Barney Frank-sponsored measure. Mark Calabria, director of financial regulation studies at The CATO Institute, says the bill is worse than no changes at all...