UPDATE 1-Obama heading to NY to push financial regulation

WASHINGTON, April 19 (BestGrowthStock) – U.S. President Barack
Obama will travel to New York on Thursday to deliver remarks
about financial reform, the White House said on Monday, as he
pushes his plan to tighten Wall Street regulations.

He will call for swift action by the U.S. Senate and
“remind Americans what is at stake” if a strong Wall Street
reform package does not go ahead, spokesman Robert Gibbs said
in a statement.

After successfully shepherding his healthcare overhaul
through Congress, Obama is pushing for victory on financial
regulatory reforms — a popular issue with voters in the run-up
to congressional elections in November after a financial
meltdown sparked the worst U.S. recession in decades.

The Senate is expected to vote within weeks on the reform
bill, which Obama says will hold Wall Street accountable and
put rules in place to prevent more taxpayer-funded bailouts of
companies in trouble.

Republicans say the Democratic-backed bill will lead to
more taxpayer-funded bailouts and say it establishes new
regulatory powers that would stifle small businesses and
community banks.

All 41 Republicans in the 100-seat Senate expressed their
opposition to the bill, which passed the Senate Banking
Committee without their support, in a letter on Friday but said
they were willing to work with Democrats on the issue.

Obama will travel to New York on Thursday and deliver his
remarks at Cooper Union, where he made his first major address
on the financial industry crisis in March 2008.
(Reporting by Patricia Zengerle, editing by Jackie Frank)

UPDATE 1-Obama heading to NY to push financial regulation