New York (CNNMoney.com) - President Obama will ask the Wall Street community Thursday to join in his effort to reform the financial industry.
In remarks prepared for delivery at Cooper Union in New York later Thursday, the president said legislation in both houses of Congress aimed at reforming the banking industry represents "significant improvement on the flawed rules we have in place today."
Obama said he's sure many of the lobbyists working to defeat the measure are acting on behalf of the Wall Street firms represented by members of the audience.
"But I am here today because I want to urge you to join us, instead of fighting us in this effort," said the president. "I am here because I believe these reforms are, in the end, not only in the best interest of our country, but in the best interest of our financial sector."