Obama presses for financial reform, agrees to work with France

While pressing for Senate action on financial regulation legislation, President Barack Obama on Tuesday vowed to work with "President Sarkozy and other world leaders to coordinate our efforts because we want to make sure that whatever steps we're taking, they are occurring on both sides of the Atlantic."

The comments came after a day of meetings with French President Nicolas Sarkozy where the two leaders discussed the Middle East peace process, Iraqi sanctions and world trade, among other topics. 

Sarkozy called talked of tighter U.S. financial regulations "great news for the world to hear." He expects Treasury Secretary Tim Geithner and Christine Lagarde, France's minister of economic affairs, will be "working hand in glove in order to go even further in regulating world capitalism and, in particular, raising the issue of a new world international monetary order."

The Senate is teeing up a major package of financial reforms that Senate Banking Chairman Chris Dodd (D-Conn.) has said could reach Obama's desk by year's end. Banking ranking member Richard Shelby (R-Ala.) said expects the Senate will complete its bill by the Memorial Day recess.