Obama: Wall St reform can't wait "another day"

President Obama boards Air Force One in Washington April 27, 2010.

QUINCY, Illinois (Reuters) - President Barack Obama took his push for a Wall Street regulatory overhaul to the Midwestern heartland on Wednesday, insisting that Americans should not have to wait "another day" for financial reform.

In a campaign-style swing with months to go before November's pivotal congressional elections, Obama declared: "We can't let the recovery that's finally beginning to take hold fall prey to a whole new round of recklessness."

He spoke shortly before the U.S. Senate broke a partisan deadlock, agreeing unanimously to take up a reform bill that calls for the most sweeping revamp of the U.S. financial system since the 1930s. Opposition Republicans had blocked debate.

But seeking to tap into public anger at Wall Street excesses that led to the recent financial crisis, the Democratic president vowed to oppose any final bill if financial firms were allowed to craft it to their benefit instead of in the interests of consumers.

"What I don't want is a deal made that was written by the financial industry lobbyists. We've had enough of that," Obama said to loud applause in a civic auditorium in Quincy, Illinois.

Obama said overhauling the financial regulatory system was crucial to giving ordinary Americans a "fair shake" and protecting them from the fallout of any future crisis.

"You shouldn't have to wait another day for the protections from some of the practices that got us into this mess," Obama said.

As the mid-term election campaign revs up, lawmakers from both parties are keen to pass a bill, while banking lobbyists have fought for months to block and weaken reforms.

With U.S. unemployment just below 10 percent, Americans are anxious about the country's finances, nudging Obama's approval ratings to 50 percent or below and dimming his fellow Democrats' prospects in the mid-term elections.

Republicans acknowledge a need for reform, but say the Democrats' bill is a government overreach.

Financial markets are watching how strongly the legislation will be to crack down on banking and dealing practices, and what that may mean for banks' capital and valuations.

The Republicans floated their first written counterproposal on Tuesday. Analysts described it as "extremely similar" to the Democratic bill, which has been under development for months in response to the 2008-2009 financial crisis.

(Writing by Matt Spetalnick, additional reporting by Ross Colvin and Jeff Mason; Editing by Eric Walsh)