WASHINGTON  The House approved a Democratic plan on Friday to tighten federal regulation of Wall Street and banks, advancing a far-reaching Congressional response to the financial crisis that rocked the economy.

After three days of floor debate, the House voted 223 to 202 to approve the measure. It would create an agency to protect consumers from abusive lending practices, set rules for the trading of some of the sophisticated financial instruments that fueled the crisis, and take steps to reduce the threat that the failure of one or two huge banks or investment firms could topple the entire economy.

Whether all of those measures will become law, however, is uncertain because the Obama administration wants certain revisions and the Senate will not take up its version of the legislation until next year.

The Democratic authors of the House legislation hailed the bill as the biggest change in oversight of Wall Street since the Great Depression, and said they believed they had struck a careful balance between protecting the public and the economy while not stifling economic growth and market forces.