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In addressing the financial regulation loopholes, Obama again criticized the derivatives as "financial weapons of mass destruction," citing renowned investor Warren Buffett.
"That's why these reforms are designed to respect legitimate activities but prevent reckless risk taking. And that's why we want to ensure that financial products like standardized derivatives are traded in the open, in full view of businesses, investors, and those charged with oversight," he said.
The president also touted the importance of consumer financial protections. "While a few companies made out like bandits by exploiting their customers, our entire economy suffered," he said. "Millions of people have lost homes, and tens of millions more have lost value in their homes."
Part of the financial regulation reform is to set up a new Consumer Financial Protection Agency, which Obama administration proposed in June 2009. Earlier this year, Chairman of the Senate Banking Committee Chris Dodd suggested to put the consumer protection agency under the regulation of the Federal Reserve.
Obama promised that the reforms will give shareholders new power in the financial system. Shareholders will have a say on salaries and bonuses awarded to top executives, as well as in corporate elections.
Thursday's speech is the fourth address Obama has delivered in New York City, the home of Wall Street, since 2007 when as a candidate for the White House he called for greater accountability, intensified financial oversight, and other steps.