On Wednesday, Obama held a White House meeting with lawmakers to call for greater regulation over the financial industry.

President Obama: “The choice we face is not between some oppressive government-run economy or a chaotic and unforgiving capitalism. Rather, strong financial markets require clear rules of the road, not to hinder financial institutions, but to protect consumers and investors and ultimately to keep those financial institutions strong.”

Obama meanwhile also announced his new nominee for Commerce Secretary, former Washington Governor Gary Locke.

President Obama: “Gary will be a trusted voice in my cabinet, a tireless advocate for our economic competitiveness, and an influential ambassador for American industry who will help us do everything we can, especially now, to promote our industry around the world.”

Locke is Obama’s third Commerce pick, following former nominees New Mexico Governor Bill Richardson and Senator Judd Gregg. He served two terms as Washington state governor starting in 1997, when he became the nation’s first Chinese American governor.

Gary Locke: “We will harness the resources and the talent of the Department of Commerce to help you fulfill your commitment to the American people to build a stronger and more prosperous nation. I embrace this opportunity to serve you and the American people.”