WASHINGTON (CNNMoney.com) - Just a month after taking office, President Obama asked Congress to move fast to reform the "outdated" system of financial oversight and install "tough, new common-sense rules of the road" for Wall Street.
Now, as Obama gave a major address on Monday marking the one-year anniversary of the Lehman Brothers collapse, things haven't advanced very far.
Obama urged Congress to pass his proposed reforms.
"We have to live up to our responsibilities on financial reform," he said. "There will be those who argue we should do less or nothing at all. But
to them I'd say only this: Do you believe that the absence of sound regulation one year ago was good for the financial system? Do you believe the resulting decline in markets and wealth and employment was good for the economy? Or the American people?"