UPDATE 1-Obama: Wall St reform can’t wait ‘another day’

(Adds quotes and background)

By Patricia Zengerle

QUINCY, Illinois, April 28 (BestGrowthStock) – President Barack
Obama took his push for a Wall Street regulatory overhaul to
the Midwestern heartland on Wednesday, insisting that Americans
should not have to wait “another day” for financial reform.

In a campaign-style swing with months to go before
November’s pivotal congressional elections, Obama declared: “We
can’t let the recovery that’s finally beginning to take hold
fall prey to a whole new round of recklessness.”

He spoke shortly before the U.S. Senate broke a partisan
deadlock, agreeing unanimously to take up a reform bill that
calls for the most sweeping revamp of the U.S. financial system
since the 1930s. Opposition Republicans had blocked debate.

But seeking to tap into public anger at Wall Street
excesses that led to the recent financial crisis, the
Democratic president vowed to oppose any final bill if
financial firms were allowed to craft it to their benefit
instead of in the interests of consumers.

“What I don’t want is a deal made that was written by the
financial industry lobbyists. We’ve had enough of that,” Obama
said to loud applause in a civic auditorium in Quincy,
Illinois.

Obama said overhauling the financial regulatory system was
crucial to giving ordinary Americans a “fair shake” and
protecting them from the fallout of any future crisis.

“You shouldn’t have to wait another day for the protections
from some of the practices that got us into this mess,” Obama
said.

As the mid-term election campaign revs up, lawmakers from
both parties are keen to pass a bill, while banking lobbyists
have fought for months to block and weaken reforms.

With U.S. unemployment just below 10 percent, Americans are
anxious about the country’s finances, nudging Obama’s approval
ratings to 50 percent or below and dimming his fellow
Democrats’ prospects in the mid-term elections.

Republicans acknowledge a need for reform, but say the
Democrats’ bill is a government overreach.

Financial markets are watching how strongly the legislation
will be to crack down on banking and dealing practices, and
what that may mean for banks’ capital and valuations.

The Republicans floated their first written counterproposal
on Tuesday. Analysts described it as “extremely similar” to the
Democratic bill, which has been under development for months in
response to the 2008-2009 financial crisis.

Stock Research
(Writing by Matt Spetalnick, additional reporting by Ross
Colvin and Jeff Mason; Editing by Eric Walsh)

UPDATE 1-Obama: Wall St reform can’t wait ‘another day’