By Sam Youngman - 06/20/09 08:27 AM EDT
Specifically, the president spoke of the great value to Americans his proposed consumer financial protection agency can bring to the table to help prevent another financial crisis like the world currently faces.
Both Republicans and Democrats expressed concern about some of Obama's proposals, specifically questioning his plan to transfer more and unprecedented authority to the Federal Reserver.
But Obama has hailed his populist new agency as the crown jewel of the regulations.
"Some argue that these changes, and the many others we’ve called for, go too far," Obama said. "And I welcome a debate about how we can make sure our regulations work for businesses and consumers. But what I will not accept –- what I will vigorously oppose –- are those who do not argue in good faith. Those who would defend the status quo at any cost."
The president noted that he has "already begun to see special interests mobilizing against change."
"That’s not surprising. That’s Washington," Obama said.
In his push to rewrite the regulatory rules, the president has argued that they are the only way to prevent another financial crisis of the magnitude the country is facing now.
"As we continue to recover from an historic economic crisis, it is clear to everyone that one of its major causes was a breakdown in oversight that led to widespread abuses in the financial system," he said. "An epidemic of irresponsibility took hold from Wall Street to Washington to Main Street."
Democratic congressional leaders said this week that they will have legislation for Obama to sign this year.