(CNN) - Amid the news of major bank failures on Wall Street, John McCain is pledging to reform the nation's financial system in a new ad released Monday morning.
"Our economy in crisis. Only proven reformers John McCain and Sarah Palin can fix it," the ad's narrator states. "Tougher rules on Wall Street to protect your life savings. No special interest giveaways. Lower taxes to create new jobs. Offshore drilling to reduce gas prices."
McCain pressed the message at a campaign event in Jacksonville, Florida Monday morning.
“We will never let this happen again. We will clean up Wall Street. We will reform government," he said. "This is a failure.”
Responding to the ad, Obama campaign spokesman Bill Burton said McCain's pledges do not match his record in the Senate.
“John McCain has been in Washington for twenty-six years and hasn’t lifted a finger to reform the regulations that could’ve prevented this crisis," Burton said. In fact, his campaign is run by some of the very same lobbyists who fought against these regulations and worked to put special interest giveaways in our federal budget."