President Barack Obama called on lawmakers and Wall Street Monday to accept what he described as the “most ambitious overhaul of the financial system since the Great Depression.” Obama’s speech on Wall Street came on the first anniversary of the collapse of Lehman Brothers.

President Obama: “We will not go back to the days of reckless behavior and unchecked excess that was at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses. Those on Wall Street cannot resume taking risks without regard for consequences and expect that next time American taxpayers will be there to break their fall. And that’s why we need strong rules of the road to guard against the kind of systemic risks that we’ve seen. And we have a responsibility to write and enforce these rules to protect consumers of financial products, to protect taxpayers, and to protect our economy as a whole.”