A key banking panel took only minutes Monday to approve a sweeping regulatory reform measure aimed at warding off future collapses in the financial system.

The Senate Banking Committee voted 13-10 in favor of the bill put forth by panel chairman Sen. Christopher Dodd, D-Conn., moving it to the full Senate just after Dodd gaveled the hearing to order at 5 p.m. ET.

Dodd's proposal would create a new consumer regulator housed inside the Federal Reserve to ensure consumers get a fair shake with mortgages and credit cards. It would also push banks and financial firms to strengthen capital cushions and create a new process for taking down giant failing companies and preventing future Wall Street bailouts.

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