Obama Says Need For Financial Reform Urgent

WASHINGTON -- President Barack Obama says the financial crisis that triggered the recession could have been avoided if Wall Street firms were more accountable, and their dealings more transparent.

In his weekly radio and Internet address, Obama says we need reforms, including stronger consumer financial protections, new transparency on financial dealings like derivatives, a closing of loopholes, and new power for shareholders.

He also wants new rules to make sure that big banks and financial institutions pay for the bad decisions they make not taxpayers.

But Obama says special interests are waging a relentless campaign to thwart even basic, common-sense changes.

He says every day we don't act, the same system that led to bailouts remains in place.

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