Boehner: Obama needs 'exit strategy' from private sphere

House Republican Leader John Boehner (R-Ohio) reacted to the president's speech on Monday by questioning whether more bureaucracy would actually prevent another industry meltdown.

Boehner also labeled President Barack Obama's approach to the financial crisis as "generational theft" and called on the administration to develop an "exit strategy" from the private sphere.

"American taxpayers have had enough of open-ended bailouts that have left them stuck with an eye-popping tab in the form of trillions in new debt," Boehner said in a statement. "If the President wants to restore consumer and investor confidence, he should work with Republicans in Congress to craft policies that help hard-working families and small businesses weather this storm and get back to creating good-paying jobs."

The president's reform plan, which he debuted during an address on Wall Street today, would strengthen regulatory bodies and establish stronger consumer protections. While most lawmakers, including Boehner, seem to agree with the president's rationale for reform, a number of Republicans in particular are questioning Obama's methods.

“With consumer spending just about frozen and unemployment near double-digit levels, the last thing we need are new layers of bureaucracy and burdensome regulations that restrict access to financial products and discourage economic growth," Boehner said, adding that House Republicans have already launched their own reform effort.

Nevertheless, the president said on Monday he expects a reform package to reach his desk before the year's end.