Obama criticized some on Wall Street for still failing to heed the lessons of the financial crisis, which sparked the worst US recession since the Great Depression of the 1930s.

'Normalcy cannot lead to complacency,' Obama said. 'I want everybody here to hear my words: We will not go back to the days of reckless behaviour and unchecked excess that was at the heart of the crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses.'

That characterization is denied by the financial industry. Charles Dallara, managing director of the International Institute of Finance, the global financial lobby, said the industry had come a long way in altering its practices since the crisis erupted last year.

'Substantial change has taken place and is taking place,' Dallara told reporters ahead of Obama's speech. But he also called for bringing 'balance to the regulatory reform here, not so-called strong regulatory reform.'

Obama laid out his plans for more powers for the Federal Reserve, the creation of a new regulator to protect consumers from shady financial practices, and new authority to manage the bankruptcy of major banks that are critical to the health of the wider industry.

The overhaul is currently making its way through Congress. Obama wants major reforms passed by the end of the year.