Obama promises to close regulatory gaps

As the Obama administration prepares to unveil an overhaul of the way financial institutions are regulated, President Barack Obama says the goal will be to fill a “series of regulatory gaps.”

Obama told reporters Tuesday there’s been a “lack of oversight” that allowed what he termed “wild risk-taking.” He says it led to conditions that have been “very dangerous” for the American people.

Obama says rather than adding another layer of regulatory agencies, his approach will be to streamline and consolidate, and to add protections for consumers and investors. He says the new system will be more integrated than before.

Obama also says some special interests may be hoping that the administration forgets the “disaster” that he says was caused by their “reckless behavior.” He says he’s not going to let that happen ? and that he wants a system in place to prevent the financial crisis from happening again.

Copyright 2009 The Associated Press.