Obama administration releases statement supporting financial reform

President Barack Obama called on Congress to pass a financial regulatory reform bill with time ticking away before a vote o to begin debate on the measure. 

Obama advocated combining the bill proposed Senate Banking Chairman Chris Dodd (D-Conn.) and a measure tightening enforcement of the derivatives market sponsored by Senate Agriculture Chairwoman Blanche Lincoln (D-Ark.). 

Passage of the package will "move the nation another important step toward necessary, comprehensive Wall Street reform that will create clear rules of the road and can be consistently and systematically enforced," the statement said. "Thus creating a more stable financial system with better protection for consumers and investors."

The administration will oppose efforts to add loopholes to the bill that "undermine consumer and investor protection or that allow institutions to avoid oversight," the statement said. 

A vote allowing the Senate to begin debate on the bill is scheduled for 5 p.m.