President Takes on Wall Street for Financial Reform

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President Barack Obama is taking his push for financial reform straight to Wall Street.

Obama will speak Thursday at Cooper Union in Manhattan, N.Y., calling for new federal regulations of big banks and investment companies.

"Every day we don't act, the same system that led to bailouts remains in place, with the exact same loopholes and the exact same liabilities," Obama said in his weekly radio and Internet address. "And if we don't change what led to the crisis, we'll doom ourselves to repeat it."

Senate Democrats are pushing financial legislation that would create a consumer protection office and a $50 billion bailout fund paid for by the banks.

Republicans, however, say that opens the door for more government bailouts.

"The present bill is not a good bill, period," Sen. Scott Brown, R-Mass., said.

"The American people are saying, 'we don't want another bailout,'" Minority Leader Sen. Mitch McConnell added.

"Wall Street and our Republican friends apparently want to leave in place the status quo," Sen. Chris Dodd said. "The status quo leaves us vulnerable should another economic crisis occur without any changes in the law whatsoever, then once again too big to fail would be in place."

The Democrats' push for financial reform comes on the heels of fraud charges against investment company Goldman Sachs.

The Wall Street giant is promising to fight the government in court.

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