Obama attacks 'casino-style mentality' on Wall Street

President Obama defended Dodd-Frank financial regulations that "discourage a casino-style mentality on Wall Street," in a speech to students at Northwestern University on Thursday.

Several years removed from the financial crisis, Obama said the financial reforms put in place since 2010 will protect taxpayers and prevent "Wall Street from hammering Main Street ever again."

{monads}"We made it illegal for big banks to gamble with your money," Obama said.

The president also defended rules that protect workers and the environment, while saying his administration at the same time has been working to get rid of outdated and duplicate rules.

"Now, an argument you’ll hear is that the way to grow the economy is to just get rid of regulations," Obama said. "And we’ve scrubbed the books and identified hundreds that are outdated, don’t help the economy, or don’t make sense, and we’re saving businesses billions by gradually eliminating them.

"But rules that discourage a casino-style mentality on Wall Street, that protect workers, that safeguard the air our children breathe — those don’t just have economic benefits; they have benefits in lives saved, and families protected, and those I’ll always stand up for," he added.