"One year later, it is incumbent on us to put in place those reforms that will prevent this kind of crisis from ever happening again; that reflect the painful but important lessons we've learned; and that will help us move from a period of recklessness and crisis to one of responsibility and prosperity."
House Speaker Nancy Pelosi, D-Calif., promised Monday that "Congress will pass comprehensive reforms."
And two key lawmakers on financial issues, Senate Banking Committee Chairman Christopher Dodd, D-Conn., and House Financial Services Committee Chairman Barney Frank, D-Mass., said they were pressing forward with the legislation.
"Failure to act leaves our economy at risk," Dodd said. "We will not allow our efforts to be stalled by well-financed special interests intent on keeping the status quo."
The financial services industry strongly opposes Obama's plan to create a new consumer financial protection agency, arguing the job is better left to existing agencies.
"There are political pushes and pulls that probably will modify the bill before we get to the end result," said Scott Talbott, chief lobbyist for the Financial Services Roundtable, which represents large institutions.
But the bruising fight over health care legislation will make it difficult for Congress to pass a regulatory overhaul this year, he said.
Plunkett said Obama was trying to encourage lawmakers not to waste the opportunity for a major regulatory overhaul.
"Hopefully, the president's speech will stiffen the spines of some members of Congress who are wavering," he said.
