Obama calls for financial reform

By By The Associated Press

Story Created: Jan 28, 2010 at 7:31 AM EDT

Story Updated: Jan 28, 2010 at 8:12 AM EDT

WASHINGTON (AP) - President Barack Obama says it's not about "punishing banks" - it's about "protecting our economy."

In his State of the Union address, Obama delivered a call for Congress to finish work on financial industry reform. He said financial institutions can only create jobs and raise family incomes if there are safeguards against what he calls "the same recklessness that nearly brought down our entire economy."

He also said reforms must give consumers enough information to make financial decisions.

Obama said that the House already has approved some of the changes and that lobbyists are trying to kill the measure. And he vowed to reject any bill that doesn't "meet the test of real reform."

(Copyright 2010 by The Associated Press. All Rights Reserved.)
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