Obama: Common Sense Financial Rules Needed

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Obama: Common Sense Financial Rules Needed
March 20, 2010 - 6:04 EDT

WASHINGTON (AP) -- Health care isn't the only reform on President Barack Obama's mind even with a make-or-break House vote tomorrow.

In his weekly radio and Internet address, Obama reiterates the need for serious reform in the financial system to prevent another meltdown.

Obama says what's needed are "common-sense rules that will allow our markets to function fairly and freely while reining in the worst practices of the financial industry."

He calls that "the central lesson of this crisis," and says it can only be ignored "at our peril."

Obama again blamed part of the crisis on what he called "reckless" behavior by large banks. He also says some people exploited consumers for a quick profit with no regard to who got hurt.

The Senate Banking Committee begins debate on a bill Monday.

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