A bill that would overhaul the regulatory structure of the nation's chemical industry is winning rare praise from both the business community and environmental groups.

The U.S. Senate voted Tuesday to reauthorize the 1976 Toxic Substances Control Act, in the process making several changes all sides said were needed, the Washington Post reported. The measure has already cleared the House of Representatives and is now on its way to the president's desk to be signed into law. http://wapo.st/1VMxGPT

The bill's passage was a rare show of bipartisanship in a Congress that seemingly has grown more divided in recent years. The American Chemical Society said the original law was regarded as ineffective by both environmental groups and the industry. The new legislation goes a long way to fix that, the group added.

The bill "represents years of careful negotiation, and the Society applauds congressional members and staff for their hard work in bringing this important agreement to fruition," ACS Executive Director Thomas Connelly said.

American Chemistry Council CEO Cal Dooley called the legislation "truly historic."

"This legislation is significant not only because it is the first major environmental law passed since 1990, but because TSCA reform will have lasting and meaningful benefits for all American manufacturers, all American families and for our nation's standing as the world's leading innovator," he said.

The Society of Chemical Manufacturers and Affiliates also hailed the bill's passage, saying "it ends many years of elusive bipartisan compromise to reform our nation's chemical control law and begins the process of regaining the public's confidence in everyday products made possible by our industry."

While the legislation did win the support of some environmental groups, the response from that community wasn't as enthusiastic as it was among business groups.

"The bill will give EPA a clear and enforceable mandate to review chemicals, and will require EPA to evaluate chemicals based on their impact on human health," said Rhea Suh, president of the Natural Resources Defense Council. "But it also contains loopholes and rollbacks sought by the chemical industry, including restricting the authority of states, and limiting the EPA from monitoring chemicals in imported products that may be a threat to public health."

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