Obama calls on banks to back regulatory reform

Wall Street and Washington should work together to make sure the financial crisis doesn't happen again, President Barack Obama told the biggest names in New York. "I want you to join us, instead of fighting us in this effort," he said. Obama said the financial crisis and ensuing loss of 8 million jobs were "born of a failure of responsibility from Wall Street all the way to Washington." CBA President Richard Hunt said the need for some regulatory reform is clear, but noted he is opposed to Obama's plan to create a consumer protection agency.

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