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Obama keeps up pressure for financial overhaul

Apr 22, 2010 6:39:00 AM - thestate.com
Ramping up pressure for a financial overhaul, President Barack Obama is heading to the place where the economic meltdown began to argue for stronger government oversight of the industry and to urge Congress to finish a regulatory bill quickly. Otherwise, he says, we are doomed to repeat the past.

In a speech Thursday at New York's Cooper Union college, near Wall Street, Obama was outlining the need for new financial regulations and explaining what the nation would be risking if the existing framework is allowed to remain in place unchanged.

The president also was calling on Wall Street to join - not fight - the overhaul effort.

Obama spoke at Cooper Union as a presidential candidate in March 2008 and decried practices that he said too often rewarded financial manipulation instead of productivity and sound business practices.

"I take no satisfaction in noting that my comments have largely been borne out by the events that followed," Obama said in excerpts of his prepared remarks for Thursday, which the White House released several hours before the speech.

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