Obama urges passage of Wall Street reform

WASHINGTON: US President Barack Obama urged the US Senate Saturday to pass Wall Street reform, saying it would help secure the country's economic future.

"The reform bill being debated in the Senate will not solve every problem in our financial system: no bill could," Obama said in his weekly radio address.

"But what this strong bill will do is important, and I urge the Senate to pass it as soon as possible, so we can secure America's economic future in the 21st century."

Obama is promising the most sweeping regulatory reform drive since the 1930s Great Depression.

To push that through, he is trying to build momentum for Democrat efforts in Congress to overcome the Republicans' resistance and pass a new Wall Street reform law.

Republican leaders have so far been united in opposition to the bill, which seeks to impose tougher regulations on banks and finance firms, and to set up a new consumer financial protection agency.

They say Obama's reforms would introduce the heavy hand of government deeper into the US free enterprise system, which would lead to a culture of financial bailouts, a charge that the Democrats deny.

Obama argued that the proposed reform would help level the playing field in the financial industry by ensuring that all lenders, not just community banks, were subject to tough oversight.

The bill under consideration would prevent banks from taking too much risk, he argued: and it would give shareholders more say on executive pay.

"The Wall Street reform bill in Congress represents the strongest consumer financial protections in history," the president said.

"You'll be empowered with the clear and concise information you need to make the choices that are best for you.

"We'll help stop predatory practices and curb unscrupulous lenders, helping secure your family's financial future."