The Senate passed its financial reform bill. Huzzah! What did the Senate wind up with after three weeks of such intense lobbying and debate? First, I’ll run through the big, headline-grabbing changes. Then the real fun begins: the changes that are coming which you probably haven’t been hearing as much about. Just remember that Congress still has to mesh together the Senate bill with what the House passed in December. This isn’t necessarily the final say.

First, the familiar. The bill:

Creates a Financial Stability Oversight Council, led by the Treasury Secretary, to identify systemic risks in the economy, with the authority to write rules about how much leverage big financial firms are allowed to have

Establishes a process for winding down systemically interconnected firms, similar to what the FDIC currently does with banks

Houses a new Bureau of Consumer Financial Protection at the Federal Reserve, with the authority to make and enforce rules about products like checking accounts, mortgages and payday loans

Requires most derivatives to be traded on exchanges and funneled through third-party clearinghouses. Makes banks spin off their derivatives units into separate businesses (we’ll see if this particular provision survives the next round of negotiation)

Restricts banks from trading in their own accounts just to make money, as opposed to serving their clients

Sets up a new authority to act as an intermediary between companies looking for credit ratings on complex products and the ratings companies that produce them

And now some of the less-noticed provisions. The bill: