President Obama went to the belly of the financial beast todayto urge lawmakers to support a measure that would change the waythe financial sector is regulated.

Obama, speaking as Senate leaders are in the final stages ofnegotiating details of legislation that the full chamber could takeup next week, said that a "free market was never meant to be a freelicense to take whatever you can get, however you can get it."

Senate Majority Leader Harry Reid (D-Nevada) announced todaythat the first of the procedural votes on allowing the Senate tobegin debate on the bill will take place on Monday at 5:15.

During his speech, delivered at Cooper Union college about amile from Wall Street, he said financial institutions that dobusiness in a safe and honest manner have nothing to fear from thenew rules that the bill would impose.

He added the new entity to regulate consumer financialproducts-which would be housed in the Federal Reserve under theSenate bill and be an independent agency under the bill passed bythe House last year-will result in more competition among companiesand more choices for consumers.

Obama noted that "unless your business model depends on bilkingpeople, there is little to fear from these rules."

He gave his speech at the same venue where he outlined his viewson regulatory reform during the 2008 presidential campaign. Thecollege is also the site of President Lincoln's famous speech onFeb. 27, 1860.