Obama said lobbyists for financial institutions are already fighting against new regulations.

“We cannot let the narrow interests of a few come before the interests of all of us,” Obama said. “We cannot forget how close we came to the brink, and perpetuate the broken system and breakdown of responsibility that made it possible.”

In the Republican address, North Carolina Representative Sue Myrick focused on Obama’s health-care proposals, which are being debated in Congress. She said the plan being offered by Obama and congressional Democrats would lead to government-run insurance and that would mean delays in care.

Access to Care

“Every family that confronts a serious illness should have access to the highest-quality care at the lowest possible cost, with no delays,” Myrick said.

Obama has said he favors a government-run insurance program to compete with private insurers. While he has suggested he wouldn’t make it a requirement as part of final legislation,

. . . other Democrats including House Speaker Nancy Pelosi of California have said it must be part of any bill.

“Replacing your current health care with a government-run system is not the answer,” Myrick said.

Myrick also said the health-care proposals would lead to tax increases on small businesses that would lead to the elimination of more than 1.6 million jobs.

“This is the worst possible time to be imposing new, job- killing taxes,” Myrick said.

To contact the reporter on this story: Nicholas Johnston in Washington at Njohnston3@bloomberg.net