The biggest overhaul of U.S. financial regulation in decades won final House of Representatives approval on Wednesday, with the Senate not expected to render its verdict until mid-July.

After a year of debate, the House voted to pass legislation that would curb risky trading and investing by banks, set up a watchdog to oversee mortgages and credit cards, and give the government a better way to deal with failing financial firms.

Meant to prevent a repeat of the 2007-2009 financial crisis that dragged the economy into a deep recession, the bill would put pressure on bank profits and potentially force structural changes at some of Wall Street's largest institutions.

(Reporting by Kevin Drawbaugh)