Over the past two years, more than seven million Americans have lost their jobs, and factories and businesses across our country have been shuttered被关闭的.  In one way or another不管怎样，无论如何, we’ve all been touched by the worst economic downturn since the Great Depression.

The difficult steps we’ve taken since January have helped to break our fall, and begin to get us back on our feet.  Our economy is growing again.  The flood of job loss we saw at the beginning of this year slowed to a relative trickle细流，滴 last month.  These are good signs for the future, but little comfort to all of our neighbors who remain out of a job.  And my solemn庄严的，隆重的 commitment is to work every day, in every way I can, to push this recovery forward and build a new foundation for our lasting² growth and prosperity.

That’s why I announced some additional steps this week to spur激励，鞭策 private sector³ hiring.  We’ll give an added boost to small businesses across our nation through additional tax cuts and access to lending they desperately⁴ need to grow.  We’ll rebuild more of our vital infrastructure⁵ and promote advanced manufacturing in clean energy to put Americans to work doing the work we need done.  And I have called for the extension of unemployment insurance and health benefits to help those who have lost their jobs weather these storms until we reach that brighter day.

But even as we dig our way out of this deep hole, it’s important that we address the irresponsibility and recklessness鲁莽，轻率 that got us into this mess in the first place.

Some of it was the result of an era时代，纪元 of easy credit, when millions of Americans borrowed beyond their means, bought homes they couldn’t afford, and assumed that housing prices would always rise and the day of reckoning计算，认为 would never come.

But much of it was due to the irresponsibility of large financial institutions on Wall Street that gambled on risky⁶ loans and complex financial products, seeking short-term profits and big bonuses with little regard for long-term consequences.  It was, as some have put it, risk management without the management.  And their actions, in the absence of缺乏，不存在 strong oversight⁷, intensified⁸ the cycle of bubble-and-bust and led to a financial crisis that threatened to bring down the entire economy.

It was a disaster that could have been avoided if we’d had clearer rules of the road for Wall Street and actually enforced them.

We can’t change that history.  But we have an absolute responsibility to learn from it, and take steps to prevent a repeat of the crisis from which we are still recovering.

That’s why I’ve proposed a series of financial reforms that would target the abuses we have seen and leave us less exposed to the kind of breakdown⁹ we just experienced.

They would bring new transparency and accountability可说明性，有义务 to the financial markets, so that the kind of risky dealings that sparked the crisis would be fully¹⁰ disclosed and properly regulated.
 
They would give us the tools to ensure that the failure of one large bank or financial institution won’t spread like a virus through the entire financial system.  Because we should never again find ourselves in the position in which our only choices are bailing¹¹ out banks or letting our economy collapse¹².

And they would consolidate¹³巩固，加强 the consumer protection functions currently spread across half a dozen agencies and vest them in a new Consumer Financial Protection Agency.  This agency would have the authority to put an end to终止，结束 misleading and dishonest practices of banks and institutions that market financial products like credit and debit¹⁴ cards借记卡; mortgage, auto¹⁵ and payday loans.

These are commonsense¹⁶ reforms that respond to the obvious problems exposed by the financial crisis.

But, as we’ve learned so many times before, common sense常识，情理 doesn’t always prevail in Washington.

Just last week, Republican leaders in the House summoned more than 100 key lobbyists for the financial industry to a “pep rally赛前动员会,” and urged them to redouble their efforts to block meaningful financial reform.  Not that they needed the encouragement.  These industry lobbyists have already spent more than $300 million on lobbying the debate this year.

The special interests and their agents in Congress claim that reforms like the Consumer Financial Protection Agency will stifle¹⁷ consumer choice and that updated rules and oversight will frustrate¹⁸ innovation in the financial markets.  But Americans don’t choose to be victimized by mysterious fees, changing terms, and pages and pages of fine print.  And while innovation should be encouraged, risky schemes that threaten our entire economy should not.

We can’t afford to let the same phony arguments and bad habits of Washington kill financial reform and leave American consumers and our economy vulnerable to another meltdown.

Yesterday, the House passed comprehensive reform legislation that incorporates some of the essential changes we need, and the Senate Banking¹⁹ Committee is working on its own package of reforms.  I urge both houses to act as quickly as possible to pass real reform that restores free and fair markets in which recklessness and greed are thwarted²⁰; and hard work, responsibility, and competition are rewarded – reform that works for businesses, investors²¹, and consumers alike.

That’s how we’ll keep our economy and our institutions strong.  That’s how we’ll restore a sense of responsibility and accountability to both Wall Street and Washington.  And that’s how we’ll safeguard everything the American people are working so hard to build – a broad-based recovery; lasting prosperity; and a renewed American Dream.  Thank you.