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Obama said the recent economic crisis was brought on largely from a lack of oversight on Wall Street, and asked legislators to add a tax on big banks to get back some of the billions of dollars in bailout money they received.

The bill would create an independent agency to monitor mortgages and other consumer financial products.

It would also restricts trading in complicated derivatives, which helped fuel the financial meltdown.

"Getting this far on Wall Street reform hasn't been easy. There are those who fought it tooth and nail to preserve the status quo. In recent months, they've spent millions of dollars and hired an army of lobbyists to stop reform dead in its tracks," said Obama. "But because we refused to back down and kept fighting, we now stand on the verge of victory."

Meanwhile, in the weekly Republican address, Wisconsin Congressman Paul Ryan said the financial overhaul bill ignores the two mortgage giants Fannie Mae and Freddie Mac.

Both companies received huge bailouts after bad loans helped trigger the housing and economic meltdown.

Ryan said the president needs to stop expanding government and concentrate on creating jobs.

"Republicans on the budget committee have already identified $1.3 trillion in specific spending cuts we would implement right now to make Washington do more with less and help small businesses put people back to work," said Ryan.

The representative also said the country needs to embrace Republican efforts to cancel unspent Wall Street bailout funds and stimulus money.