Obama opposes Republican amendment on Wall St reform

U.S. President Barack Obama speaks about the response to the massive oil slick in the Gulf of Mexico from the White House in Washington April 29, 2010. REUTERS/Kevin Lamarque

WASHINGTON (Reuters) - President Barack Obama said on Thursday a Republican amendment to a financial reform bill under consideration by the U.S. Senate would “gut consumer protections” and he called on lawmakers to reject it.

“I will not allow amendments like this one written by Wall Street’s lobbyists to pass for reform,” Obama said in a written statement. “I urge the Senate to vote ‘no’ on weakening consumer protections and instead stand with the American people.”

Reporting by Matt Spetalnick, editing by Patricia Zengerle