President Obama said it would "put an end to the idea that any financial firm is too big to fail." Northwest Missouri Congressman Sam Graves countered that it ignores the voice of the entrepreneur.

The comments marked the range of sentiments expressed after the U.S. House approved financial reform legislation on Wednesday.

The chamber passed the Wall Street Reform and Consumer Protection Act by a vote of 237 to 192. Mr. Graves, a Tarkio Republican, and Rep. Lynn Jenkins, a Republican who represents Northeast Kansas, both voted against the measure.

“Everyone agrees it is critical to restructure the regulatory oversight of our nation’s financial sector to help prevent future crises," Mr. Graves said in a statement. "Unfortunately, not only does this conference report fail to achieve this most basic goal, it also creates harmful new hurdles for small businesses."

The Missourian, who sits as the top Republican on the House Small Business Committee, served on the conference committee established to settle differences between the House and Senate versions of the financial regulation bill. He was not satisfied with the outcome.

“Some of my colleagues are quick to state publicly that small businesses will bring us out of this economic downturn, yet they turn their backs on small firms and promote policies that severely hinder growth," he said. "Through this legislation, Congress is once again ignoring the voice of the entrepreneur.”

The Senate adjourned for the July 4th holiday before taking up the conference report.

Mr. Obama praised the legislation.

"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," the president said Wednesday.