President Obama today used the one-year anniversary of the collapse of Lehman Brothers to urge passage of tougher regulations on financial services to decrease the likelihood of another collapse of the global financial system.

"We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses," Obama said in a speech at Federal Hall on Wall Street in New York City. "Those on Wall Street cannot resume taking risks without regard for consequences, and expect that next time, American taxpayers will be there to break their fall."

He said he has "always been a strong believer in the power of the free market" but said the lack of adequate rules had caused the system to break down and require stronger government intervention in the economy.

Obama urged banks to rewrite the terms of more mortgages of consumers who are facing financial difficulties and lend more money to businesses.

During his speech, Obama unveiled no new proposals but spoke about his overall regulatory restructuring plan, which includes a new agency to regulate consumer financial products.