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Sep 14, 2009 1:13 PM by Associated Press

Obama urges financial industry to rebuild trust

President Barack Obama is telling Wall Street to take steps on its own to rebuild trust with the public, and not wait for Congress to legislate the tighter oversight of the industry he is pushing.

Obama says many of the firms now seeing improvement in their finances owe a debt to the American people, who financed a $700 billion bailout last year.

He says Wall Street need not wait for changes he outlined in a speech to become law.

Obama says the industry should start using plain language with consumers and let shareholders vote on senior executive bonuses. He also says firms don't have to wait to overhaul their pay systems to reward employees for long-term performance instead of short -term gains.

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