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Obama Pushes for Quick Approval of Financial Reform Bill

President Obama records his weekly address for June 26, 2010

U.S. President Barack Obama is asking lawmakers to approve a sweeping financial reform bill as soon as possible, saying the country needs it in order to build a strong economy.

Mr. Obama said in his weekly address Saturday that the U.S. stands "on the verge of victory" after members of the House of Representatives and the Senate hammered out the final details of the reform legislation early Friday.

The new bill contains provisions to protect consumers and to limit risky financial practices blamed for sparking the global recession.

The bill still needs the approval of the full House and Senate. Leading lawmakers say they expect President Obama will be able to sign the bill into law by July 4.

In the Republican party's weekly address, Representative Paul Ryan from the central state of Wisconsin called on the president to create more jobs and not increase the country's debt.

Ryan said the U.S. government should not spend money left over from the county's bank bailouts and economic stimulus efforts.