White House seeks Senate action on financial overhaul by end of May

White House officials said President Barack Obama expects the Senate to approve a financial overhaul by the end of May.

White House Press Secretary Robert Gibbs on Tuesday said Obama expects to sign the legislation before the two-year anniversary of the financial collapse.

“I don't think that's an unrealistic timetable at all,” Gibbs said.

Gibbs said he expects financial reform to be the next piece of business the Senate picks up after the Easter recess.

Senate Majority Leader Harry Reid (D-Nev.) has set the end of May as a goal for passage, and Sen. Chris Dodd (D-Conn.), the chairman of the Banking Committee, is also pushing for the Senate to conclude its work soon.

Gibbs also said the president and other administration officials will reach out to Republicans to seek their support for reform, but Gibbs warned that Obama will not “compromise on what we believe represents a very strong piece of legislation.”

Following the contentious healthcare debate and subsequent Democratic victory, Gibbs made it clear that while Obama would like some Republican support, he is not willing to bend much on the bill waiting to go to the Senate floor.

The principles in the House and Senate bills that would prevent another financial collapse, Gibbs said, are “not negotiable with the president; they're not negotiable with the American people.”