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DENVER—Colorado’s freshman senator was on hand as the president signed a sweeping overhaul of financial regulations into law.

Democratic Sen. Michael Bennet attended Wednesday’s bill signing ceremony in Washington. He serves on the committee responsible for drafting the legislation and was among the 60 senators who voted for the plan last week.

The legislation gives the government new powers to break up companies that threaten the economy, creates a new agency to guard consumers and puts more light on the financial markets that escaped the oversight of regulators.

Republicans say the bill goes too far in regulating the finance industry.

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