Local officials speak out on Obama financial plan

"The president is right where he should be on this issue. We need real reform that will strengthen the industry and our economy without being harmful or vindictive to New York."

- Sen. Charles Schumer (D-N.Y.)

"President Obama speaks on behalf of tens of millions of Americans who are out of work [or] have lost their home. It is critical that we establish new rules . . . that ensure a financial crisis like this never happens again."

- Sen. Kirsten Gillibrand (D-N.Y.)

"What happens on Wall Street directly affects Main Street and unregulated greed can hurt millions of unsuspecting Americans who work hard and play by the rules."

- Rep. Tim Bishop (D-Southampton)

"The Wall Street collapse . . . cost Long Islanders their home values and their jobs. The House passed a financial reform bill. Now the Senate needs to act."

- Rep. Steve Israel (D-Huntington)

"The country . . . does not need the president to . . . over-regulate the financial industry and cause New York to lose billions of dollars in tax revenues and thousands of jobs. I am still not sure whether the president wants reform or [to] score cheap political points."

- Rep. Pete King (R-Seaford)

"This bill is another important step toward recovery because it will protect consumers while placing necessary safeguards against future abuses."

- Rep. Carolyn McCarthy (D-Mineola)

"The president . . . laid out the need for constructive, common-sense regulations that would update and improve protections for consumers and investors without demonizing Wall Street."

- Rep. Gary Ackerman (D-Roslyn Heights)