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Obama 'Gratified' by Deal on Financial Overhaul

President Barack Obama says he's "gratified" by the deal that Congress has worked outon overhauling Wall Street rules.

President Barack Obama
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President Barack Obama

The president says a compromise reached overnight includes about 90 percent of what he wanted. He tells reporters that the deal represents the strongest financial reform since the Great Depression.

Obama made his remarks as he was leaving the White House on Friday to attend a summit of world leaders in Canada. He says he'll discuss financial rules at the summit because the recent financial crisis proves that the world's economies are linked.

The measure, which lawmakers hope the House and Senate will approve by July 4, was forged in the aftermath of the 2008 financial meltdown, and supporters said it would help avoid a future one. Republicans complained the bill overreached and tackled financial issuesthat were not responsible for the financial crisis.

The bill would set up a warning system for financial risks, created a powerful consumer financial protection bureau to police lending, forced large failing firms to liquidate and set new rules for financial instruments that have been largely unregulated.

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