Obama presses Wall Street to support reforms
US President Barack Obama has urged Wall Street business leaders not to block his financial regulatory reforms, warning of new economic meltdowns if they fail.
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Speaking to an audience of top corporate chief executives in New York, Obama said the proposed reforms would help protect both consumers and investors, and would restore trust to the system.
"I'm here today specifically, when I speak to the titans of industry here, because I want to urge you to join us instead of fighting us in this effort," Obama said, in the ornate Great Hall of the Cooper Union college in Manhattan.
"We will not always see eye to eye. We will not always agree. But that does not mean we have to choose between two extremes," he said.
In Washington meanwhile, the debate accelerated when Senate Majority Leader Harry Reid set the stage for a critical first test vote on taking up the legislation on Monday -- which could pave a way for a final vote within weeks.
Democrats and their two independent allies control 59 Senate seats but need at least one Republican vote to overcome delaying tactics the opposition party could use to kill the legislation.
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