President Barack Obama is to call for Congress to pass legislation for strong financial sector regulation and oversight aimed at preventing future financial crises.
Mr. Obama is to make the appeal Wednesday, after a White House meeting with Treasury Secretary Timothy Geithner and the top members of two Congressional financial committees.
Late Tuesday, in his first address to a joint session of Congress, Mr. Obama envisioned better days ahead for the U.S. economy. He said the nation will "emerge stronger than before." He called the economic stimulus plan he signed last week a first step toward recovery.
In Washington Wednesday, Vice President Joe Biden vowed close oversight of the $787 billion simulus plan. Public opinion surveys taken right after Mr. Obama's speech by CNN and CBS show his plans won overwhelming approval from viewers. But new economic data Wednesday showed why some Americans remain concerned about the economy, as home sales and home prices fell while layoffs soared.