Obama urges quick action on Wall Street reform
President Barack Obama called on Wednesday for a sweeping overhaul of Wall Street regulations, saying big changes were needed to avoid a repeat of the financial meltdown.
Obama convened a high-level White House meeting on the issue that included Democratic and Republican lawmakers who said they would work with the administration to craft legislation in the next few weeks. Obama, a Democrat, said “painful experience” showed the rules needed to be modernized.
The economy cannot sustain “21st century markets with 20th century regulations,” Obama told reporters after the meeting with lawmakers.