After months of deal making and horse trading, lawmakers on Capital Hill have just completed the most ambitious rewrite of Wall Street rules since the Great Depression after Senator Blanche Lincoln agreed to a compromise with moderate Democrats on her derivatives regulation bill. To tell us what this new compromise means for all of us, we turn to our friend Louise Story, finance reporter for our partner, The New York Times; this morning's headlines

Mortgage giant Fannie Mae announced plans this week to institute a new rule penalizing homeowners who walk away from their mortgages. If homeowners are able to afford home payments, Fannie Mae says they will pursue them in court and restrict their access to future home loans for seven years. The decision will affect many home-owning Americans since the mortgage market is nearly completely controlled by Fannie Mae, and its sister company Freddie Mac, as well as the Federal Housing Administration.

Not all college graduates are struggling to find jobs this year. The 2010 NBA Draft was last night and the Washington Wizards were given the first pick. The Wizards surprised no one when they used their first pick to choose John Wall, from the University of Kentucky. Other college players who graduated to the pros last night included Evan Turner, who went to Philadephia, Derrick Favors, who was picked by the Nets, and Wesley Johnson, who will be joining the Timberwolves.

Takeaway film contributor, Rafer Guzman reviews this weekend's big movies.

The Adam Sandler powered "Grown Ups" is positioned to lead the box office. The film follows Sandler and fellow comedians (Kevin James, Chris Rock, David Spade and Rob Schneider) who play childhood friends who still can't quite grow up. But, says Rafer, don't expect any surprises from this one.

In "Knight and Day" Tom Cruise and Cameron Diaz join up in the fast-paced, action-comedy; and although the plot is implausible, Cruise is at his best in a long time.

In April, British Maj. Gen. Nick Carter, who commands NATO forces in southern Afghanistan, proposed creating an award for "courageous restraint." As avoiding the loss of civilian life is a cornerstone of the coalition's counterinsurgency campaign in Afghanistan, does rewarding restraint makes sense?  Is restraint a courageous act of discipline under fire or does it put our troops in danger? 

On Facebook, Takeaway listener, Rusty Roy wrote:

When the "King of Pop" passed away at the age of 50, crowds thronged the streets to mourn the superstar and his legendary music. Today marks the one year anniversary of his death. To celebrate, Detroit's Motown Museum opens a Michael Jackson exhibit. On display: one of his iconic white sparkling gloves, fedora hats and a replica of a jacket he wore in "Thriller."

The museum's chief executive officer, Audley Smith, expects a major turnout for the opening. He says that when Jackson passed away, a crowd of 500 people gathered at the museum for a candlelight memorial.

What will the biggest movie at the box office be this weekend? It very well may be "Knight and Day," the new romcom-action send up of the action movie genre with megastars Tom Cruise and Cameron Diaz.

James Mangold, director of "Knight and Day," joins the program to talk about why his new action comedy isn't that different from his Oscar-winning film "Walk the Line," and how "Girl Interrupted" (another of his Oscar winners) and "3:10 to Yuma" have more in common than one might see at first glance.

From the deal in Congress on a financial overhaul bill to the lack of a deal in Congress on unemployment benefits to the latest on the BP oil spill and President Obama's trip to the G-20 summit in Toronto, we're following all of this morning's headlines.

It's an historic morning in America, as the House and Senate reached a deal on a bill that will be the most ambitious change in financial regulation in nearly eighty years. Congress is expected to pass the bill next week and will send it to President Obama to sign by July 4th.  

The most sweeping overhaul of Wall Street rules since the Great Depression didn't come to fruition easily. A conference committee of House and Senate members were holed up for 20 hours while lawmakers hammered out an agreement on the bill, finally coming to a consensus at 5:39 this morning. Senate Banking Committee Chairman Christopher Dodd hailed the bill as a great success. "We found a way to end too big to fail bailouts," the Connecticut Democrat said in a statement, "ensuring that no financial institution will ever be capable of bringing down the economy."

Yesterday the Senate defeated a jobs bill, which included $4.6 billion to pay a settlement to American black farmers. The bill was crucial to the farmers, who won a class-action lawsuit against the Department of Agriculture charging years of discriminatory loan practices. 

We've been monitoring the story all year, and bring back the president of the Black Farmers and Agriculturalists Association, Gary Grant, for his response. "Ordinary people never get anything in Washington," he says, "We won't give up. It will not be put to rest - that's for sure."

Corruption is rampant in Afghanistan. It is one of the biggest problems faced by coalition forces, and citizens there worry about corruption in the government corruption and the bribes they have to pay in their day-to-day lives. Earlier this week counterinsurgency expert David Kilcullen spoke to the Takeaway about these challenges. "Most importantly is the issue of corruption and abuse on the part of the Afghan government. If we don't deal with that, no amount of military changing the deck chairs is going to fix this problem," he said.

The Supreme Court on Thursday narrowed the scope of a law that has put people like former Enron Chief Jeffrey Skilling behind bars. The law, known as the "honest-services law," makes it illegal to "deprive another of the intangible right of honest services."  In a unanimous ruling, the justices said the law’s language was too broad. The decision sends Skilling's case back to the lower courts and calls into question other recent convictions under the same law, including the charges against Conrad M. Black, the newspaper executive convicted of defrauding his media company, Hollinger International, as well as Joseph Bruno, one of the most prominent politicians in New York.

It still has to pass the House and Senate and be signed into law by President Barack Obama, but sweeping legislation on financial regulation is looking like it will be law soon, as both houses have reached a compromise on the language of the bill. As the President heads to Toronto this week for the G8 and G20 Summits, it will be news he can bring with him to participating countries as an example of the U.S. commitment to financial reform. How will the legislation and the President be received?

All summer long we'll be asking thinkers, artists and musicians about what makes the quintessential summer song. This week, SNL's Fred Armisen gives us his idea of the ultimate summer playlist. (You've probably seen Armisen play President Obama in SNL sketches, though you might not know he is also the former drummer for the punk band 'Trenchmouth.')

Earlier, we told you about the deal reached in Congress this morning on legislation that will result in the most dramatic regulatory shakeup on Wall Street since the Great Depression. "All Americans have a stake in this bill," said Treasury Secretary Timothy Geithner. "It will offer families the protections they deserve, help safeguard their financial security and give the businesses of America access to the credit they need to expand and innovate."

From the Volcker rule to derivative regulaton to Consumer Financial Protection Bureau—a lot of new terms are about to enter the lexicon once President Obama signs the bill, which he expects to do by July 4th. But what do they all mean? If all Americans have a stake in the bill, as Secretary Geithner said, how will its expected passage impact your life?

On the heels of the House and Senate deal on financial reform, President Barack Obama is heading to Toronto for the latest G-20 summit. "This weekend in Toronto I hope we can build on this progress by co-ordinating our efforts to promote economic growth, to pursue financial reform and to strengthen the global economy," the president said during a press conference outside the White House this morning.

To give us a breakdown of what will be on the docket at the G-20, we turn to Newsweek and Slate columnist Dan Gross.