Earlier this month, JPMorgan disclosed that it lost at least $3 billion in trading as a result of sheer mismanagement. The news ignited a fresh debate on financial regulation – specifically on the Volcker rule, a measure Dimon had vocally opposed. Yet it's not certain the final Volcker rule would prohibit the kind of trades that led to JP Morgan's losses. So how are banking regulations written in the first place?

In a major hit for Wall Street, JP Morgan Chase disclosed a $2 billion loss on Thursday related to its credit investment portfolio. The trickle down effect could mean a loss of another $800 million in the second quarter for the bank’s Chief Investment Office. The Takeaway talks with Michael de la Merced, reporter for The New York Times' Deal Book.

Today, after months of wrangling, the Senate is set to pass a bill that will completely change how the government regulates Wall Street and the banking sector. The legislation marks the first major overhaul of financial regulations since the 1930s.

But although there seemed to be general agreement that the financial sector was in dire need of an update, only three Republicans look ready to vote in favor of the bill. Is this major Democratic victory a sign that bipartisanship is dead in Washington? And how will Wall Street respond?

We take a look at the week ahead in news with Marcus Mabry, international business editor for The New York Times, and Rob Watson, BBC political correspondent.  They look at President Obama's 2011 budget, the trial of five American terror suspects in Pakistan, and negotiations between the U.S. and Russia over nuclear arms reduction.