Business
Obama presses for financial reforms
Obama criticised Wall Street's efforts to block legislation in Congress for tighter regulation [AFP]
Barack Obama, the US president, has called on Wall Street business leaders to get behind his plans to reform the US financial industry.
Outlining his plans in a speech in New York on Thursday, Obama said the proposed reforms would help protect both consumers and investors, and would restore trust to the system.
He also chastised the banking industry for "furious efforts" to prevent stricter regulation.
"It is essential that we learn the lessons of this crisis, so we don't doom ourselves to repeat it," he told the audience at Cooper Union college in Manhattan, which included financial industry leaders.
In depth
Full text: Obama's financial reform speech
"And make no mistake, that is exactly what will happen if we allow this moment to pass - an outcome that is unacceptable to me and to the American people."
The Democratic party, of which Obama is a member, is currently pressing forward on a financial regulatory reform bill in the Senate, the upper house of the US congress, with debate due next week.
Congress's lower house, the House of Representatives, has already approved a version of the financial overhaul bill.
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