Obama calls for financial overhaul

US President Barack Obama is pressuring top lawmakers to approve a Senate bill to tighten Wall Street regulation. Obama focused on the need for tougher oversight of derivatives, financial products that contributed to the financial crisis.

The Democratic bill in the Senate covers a wide range of reform, from cracking down on derivatives markets to protecting consumers from abusive mortgages. A final vote on it is expected soon. Republican opponents are seizing on a provision that would allow regulators to step in to dismantle large, troubled firms. Obama is shifting to financial reform as his top legislative priority, following a major victory on healthcare restructuring in March.

US President Barack Obama speaks as Speaker Nancy Pelosi looks on  during a meeting on financial reform in the Cabinet Room at the  White House in Washington, DC. Obama has pledged to "move quickly"  on pushing financial regulatory reform through Congress, setting up  his next political battle with Republicans.(AFP/Jewel Samad)

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