The U.S. House of Representatives on Wednesday approved a landmark overhaul of financial regulations, but the Senate put off action until mid-July, Reuters reported.

Still, the 237-192 vote in the House marked a win for President Barack Obama and his fellow Democrats, who have made the most sweeping rewrite of Wall Street rules since the 1930s a top priority in the wake of the 2007-2009 financial crisis.

“It has been a long fight against the defenders of the status quo on Wall Street, but today’s vote is a victory for every American who has been affected by the recklessness and irresponsibility that led to the loss of millions of jobs and trillions in wealth,” Obama said in a statement.

Iowa Democrats Leonard Boswell, Bruce Braley and David Loebsack voted for the legislation; Reps. Steve King and Tom Latham, both Republicans, voted against the measure.

Analysts say Obama is all but certain to get the measure on his desk eventually, but Democrats’ hopes of sending him a bill to sign into law by the July 4 holiday were dashed.

The death of Democratic Sen. Robert Byrd and cold feet among Republican allies has complicated efforts to round up the votes needed in the Senate. A weeklong break following the July 4 holiday means the Senate won’t act until the week of July 12, at the earliest.

The bill would impose tighter regulations on financial firms and reduce their profits. It would boost consumer protections, force banks to reduce risky trading and investing activities and set up a new government process for liquidating troubled financial firms.

Republicans say the bill would hurt the economy by burdening businesses with a thicket of new regulations. They also point out that it ducks the question of how to handle troubled mortgage finance giants Fannie Mae and Freddie Mac, a subject Democrats say they will tackle next year.