U.S. President Barack Obama reiterated his call for meaningful regulatory reform in the financial sector in a speech in New York on Thursday.

Obama warned that a replay of the latest financial crisis will occur if reform isn’t enacted to prevent it, and he called on Wall Street to join that effort rather than resisting it. He explained that the reforms being debated in Congress include measures to limit systemic risk, enhance transparency, improve consumer protection, and give shareholders a greater voice.

“These are reforms that would put an end to taxpayer bailouts; that would bring complex financial dealings out of the shadows; that would protect consumers; and that would give shareholders more power in the financial system,” he said, adding, “But let’s face it, we also need reform in Washington. And the debate over these changes is a perfect example,” noting that this effort has been besieged by industry lobbyists looking to weaken the reforms.

Instead, he called on the industry to support reform, arguing that it’s in the industry’s interest to accept changes that impose limits. “We do not have to choose between markets that are unfettered by even modest protections against crisis, or markets that are stymied by onerous rules that suppress enterprise and innovation. That is a false choice. And we need no more proof than the crisis that we’ve just been through,” he said.

In response to the speech, the Securities Industry and Financial Markets Association released a statement from its president and CEO, Tim Ryan, saying, “While we disagree on some of the details — specifically on the Volcker rule and aspects of the derivatives portion of the legislation — it should not distract us from our overall shared goal of passing responsible reform. As the Senate continues its efforts to craft bipartisan legislation, we hope they can move past partisan politics and focus on the substantive issues that are critical to get right. We remain committed to working with Congress to get the details right, and responsible reform enacted.”