NEW YORK, (Xinhua): U.S. President Barack Obama, speaking one year after Lehman Brothers Holdings Inc.’s collapse, reiterated on Monday his plan to overhaul the financial regulation system and urged the Congress to pass the reform as soon as possible.

At Federal Hall, which is located on Wall Street and just across the New York Stock Exchange, Obama urged the financial industry to support his new financial rules and avoid a return to the practices of excessive risk taking. Obama also called for global coordination in financial oversight and protecting economic recovery.

Lehman, the fourth largest U.S. investment bank, filed for bankruptcy on Monday, Sept. 15, 2008, which triggered a financial crisis that spread around the world and resulted in more than 1.6 trillion U.S. dollars in losses and write downs by financial institutions.