Blaming the Wall Street's irresponsible behaviour for the major economic crisis that the US

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underwent in the past two years, President Barack Obama today vowed to bring "real" financial reforms that would hold it accountable and empower consumers.

"This issue is too important. The costs of inaction are too great. We will hold Wall Street accountable. We will protect and empower consumers in our financial system. That's what reform is all about. That's what we're fighting for. And that's exactly what we're going to achieve," Obama said in his weekly radio address to the nation.

The plan moving through Congress will end bailouts, hold Wall Street accountable and protect consumers, taxpayers and the economy from the kind of abuses that helped bring about the economic crisis, he said.

Every day without reform, those abuses and the system which allowed them, remain in place. "It is time to move forward with real reforms for Wall Street," Obama said.

The President said the consequences of this failure of responsibility -- from Wall Street to Washington -- are all around: eight million jobs lost, trillions in savings erased and countless dreams diminished or denied.

"I believe we have to do everything we can to ensure that no crisis like this ever happens again. That's why I'm fighting so hard to pass a set of Wall Street reforms and consumer protections. A plan for reform is currently moving through Congress," he said.

Obama said this plan would enact the strongest consumer financial protections ever. It would put consumers back in the driver's seat by forcing big banks and credit card companies to provide clear, understandable information so that Americans can make financial decisions that work best for them.

These reforms would bring new transparency to financial dealings, the President said.

"We would also close loopholes to stop the kind of recklessness and irresponsibility we've seen. It's these loopholes that allowed executives to take risks that not only endangered their companies, but also our entire economy.