Obama: Financial Reform Deal Will Strengthen the Economy

President Obama said Friday that the financial reform deal struck in the early hours of the morning by members of a congressional conference committee will "strengthen our economy" and protect consumers from the excesses of the financial system.

"The reforms making their way through Congress will hold Wall Street accountable so we can prevent another financial crisis like the one that we're still recovering from," Obama said today.

Early Friday, lawmakers from the House of Representatives and the Senate reached an agreement to reconcile their different versions of financial reform. The compromise law will restrict banks' trading operations and their investments in hedge funds and private equity.

Obama spoke before flying to Canada for a meeting of the G-20 nations, where world leaders will discuss the global economic slump and financial reforms.

"As the main forum for international economic cooperation, the G-20 is the right place to discuss such issues," Obama said.