UPDATE 1-Obama pledges to push for robust financial reform

(adds quotes from Obama)

WASHINGTON, March 15 (BestGrowthStock) – U.S. President Barack
Obama on Monday welcomed the legislation for sweeping overhaul
of the financial system unveiled by Senate Banking Committee
Chairman Christopher Dodd and promised to fight any efforts to
water it down.

“This proposal provides a strong foundation to build a
safer financial system,” Obama said in a statement.

The Federal Reserve would gain new powers over non-bank
financial firms and keep much of its authority over banks under
the legislation, which Dodd’s panel will debate next week.

“(The bill) creates a new consumer financial protection
agency to set and enforce clear rules of the road and
establishes stronger supervision for the largest financial
firms under the Federal Reserve,” Obama said.

He welcomed what he said were provisions to ensure the
independence of a consumer financial watchdog and greeted the
inclusion of the so-called “Volcker Rule” that would separate
banking from proprietary trading and hedge fund activities.

“As the bill moves forward, I will take every opportunity
to work with Chairman Dodd and his colleagues to strengthen the
bill and will fight against efforts to weaken it,” Obama said.

“I will not accept attempts to undermine the independence
of the consumer protection agency, or to exclude from its
purview banks, credit card companies or nonbank firms such as
debt collectors, credit bureaus, payday lenders or auto
dealers,” he said.
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(Reporting by Caren Bohan and Jeff Mason; Editing by Jackie
Frank)

UPDATE 1-Obama pledges to push for robust financial reform