Obama Lauds Senate For Passing Financial Reform Bill

President Barack Obama lauded the Senate's passage today of a historic financial reform bill -- a bill Obama is expected to sign next week.

"Wall Street reform will bring greater security to those on Main Street," the president said.

The days of Americans being duped by hidden fees and burned by unscrupulous lending practices "will soon end," the president said. "From now on, every American will be empowered with the clear concise information you need."

Shadowy backroom deals "will finally be brought into the light of day." The "perverse incentives" that encouraged "reckless risk taking" will come to an end. "The reform that Congress passed today will accomplish these goals," Obama said -- in spite of "a massive lobbying effort from the financial industry."

And no more bailouts!

"The American people will never again be asked to foot the bill for Wall Street's mistakes," he said. "There will be no more taxpayer funded bailouts. Period."

Obama also addressed House Minority Leader John Boehner's call to repeal the bill -- which hasn't even been signed into law yet.

"Already the Republican leader of the House has called for repeal of this reform," the president said, before dismissing this with the declaration that "America can't aford to go backwards."