After over 20 hours of hard bargaining, Congressional negotiators hammered out a final deal on a Wall Street Reform bill just as the sun was coming up Friday in Washington, D.C. The bill is sweeping in nature, and almost impossible to summarize without missing something that is important to someone, but let's give it a shot.

The plan sets up a new Consumer Financial Protection Agency, designed to rein in unfair financial practices that hit consumers.

But the bill has a loophole in it, because the CFPA won't be allowed to regulate car dealers, even though auto companies often have major interests in offering car loans.

This package would also place regulations and limits on risky financial instruments known as derivatives, which some blame for causing so much trouble in the 2008 Wall Street collapse.

A plan to force banks to spin off their divisions that trade in derivatives was watered down late last night, limited to certain financial items.

Also watered down a bit was what's known as the "Volcker Rule", which restrains Wall Street institutions from making trades on their own accounts.

To pay for the new regulatory scheme, the bill levies $19 billion in fees/taxes on the largest banks and financial institutions.

The bill also sets up a new, ten member panel that would be tasked with watching out for financial risk in the overall economic system.

There is obviously much more in this 2,000 page bill.  Final votes are expected in the House and Senate next week before lawmakers leave on a July 4th break.