UPDATE 1-Obama: reforms aim to hold Wall Street accountable

(Updates with more comments)

WASHINGTON, May 4 (BestGrowthStock) – President Barack Obama said
on Tuesday proposed U.S. financial regulatory reforms aim to
hold Wall Street accountable and protect consumers.

“The reforms we’ve proposed are in no way designed to
hamstring businesses,” Obama said.

The president’s comments came as the Senate prepared to
cast its first votes on sweeping Wall Street reform
legislation.

“As we’ve learned so painfully in recent years, government
has an obligation to set basic common sense rules in the
marketplace,” Obama said.

“This is not a hindrance. It’s essential to the
functionings of the market,” he said. “In the absence of these
rules it becomes more attractive for some to game the system
than to compete and innovate honestly within it.”

Stock Market Basics

(Reporting by Tabassum Zakaria; Editing by Doina Chiacu)

UPDATE 1-Obama: reforms aim to hold Wall Street accountable