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Obama to Stump for Bank Reform in NYC

The White House says President Obama will come to New York Thursday to argue for Wall Street reform.
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NEW YORK (TheStreet) -- President Obama will stump for financial-industry reform in New York on Thursday as the White House makes its next big legislative push following the health-care overhaul.

The speech is designed to argue for post-crisis banking regulation

first proposed by the White House last June

, and to refute Republican assertions that the proposed rules are just another Wall Street bailout in disguise.

On Monday, the Senate version of the legislation was unveiled by its sponsors, Chris Dodd (D-Conn.), chairman of the Senate Banking Committee, and Mark Warner (D-Va.). And just last week, the

Securities and Exchange Commission


Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. Report

, which has come to epitomize in the minds of many Americans the financial hijinks that led to the crisis, with

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fraud related to subprime-mortgage investment vehicles


In his weekly address Saturday, the president attacked Republican claims that the regulations would enable future bailouts, an assertion that gathered steam on Friday when Sen. Mitch McConnell (R-Ky.), the minority leader, sent a letter to the White House from all 41 Republican senators, outlining the argument.

Obama called the accusations "cynical and deceptive," and counter-argued that McConnell and his cohorts were the ones who were in league with Wall Street.

"Just the other day, in fact, the Leader of the Senate Republicans and the Chair of the Republican Senate campaign committee met with two dozen top Wall Street executives to talk about how to block progress on this issue," Obama said in the Saturday radio address. "Lo and behold, when he returned to Washington, the Senate Republican Leader came out against the common-sense reforms we've proposed."

The president will deliver the speech at the Cooper Union for the Advancement of Science and Art in downtown Manhattan.

-- Written by Scott Eden in New York

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Scott Eden has covered business -- both large and small -- for more than a decade. Prior to joining, he worked as a features reporter for Dealmaker and Trader Monthly magazines. Before that, he wrote for the Chicago Reader, that city's weekly paper. Early in his career, he was a staff reporter at the Dow Jones News Service. His reporting has appeared in The Wall Street Journal, Men's Journal, the St. Petersburg (Fla.) Times, and the Believer magazine, among other publications. He's also the author of Touchdown Jesus (Simon & Schuster, 2005), a nonfiction book about Notre Dame football fans and the business and politics of big-time college sports. He has degrees from Notre Dame and Washington University in St. Louis.