WASHINGTON — A sweeping overhaul of Wall Street rules forged in the aftermath of a financial crisis cleared congressional negotiations early this morning and headed to the House and Senate for final votes.

Lawmakers hope to have a bill on President Barack Obama's desk by July 4.

The legislation, the most ambitious rewrite of financial regulations since the Great Depression, touches on a range of financial transactions, from a debit card swipe at a supermarket to the most complex securities deals cut in downtown Manhattan.

Lawmakers set up a warning system for financial risks, created a powerful consumer financial protection bureau to police lending, forced large failing firms to liquidate and set new rules for financial instruments that have been largely unregulated.

The legislation would affect working class homebuyers negotiating their first mortgage as well as international finance ministers negotiating international regulatory regimes.

Under the bill, banks could lose billions in lucrative trading business.

To pay for the costs of the bill, negotiators agreed to assess a fee on banks with assets of more than $50 billion and hedge funds of more than $10 billion in assets to raise $19 billion over 10 years.