On Saturday, U. S. President, Barack Obama indicted opposition Republicans for spreading misinformation regarding a Democratic bill, which intends to stiffen supervision of Wall Street banks and their practices.

After effectively directing his healthcare revamp through Congress, Obama is now driving hard for a legislative win on financial regulatory reform, a famous topic with voters prior to congressional elections in November.

The Senate is anticipated to vote within weeks on the reform bill, that Obama said in his weekly radio and Internet address would "hold Wall Street accountable" and introduce regulations to make sure that U. S. taxpayers would never again be urged to rescue firms in financial crisis.

Obama said, "Never again will taxpayers be on the hook because a financial company is deemed 'too big to fail'".

Under the contentious, Troubled Asset Relief Program introduced under the Bush direction, $700 billion was set apart to aid banks and automakers.

But Republicans persist that the Democratic bill will result in more taxpayer-funded bailouts and say that it launches new regulatory controls, which will suppress small businesses and community banks.

Obama said that he still expected to win Republican vote for the bill, but he attacked Republican Senate Leader, Mitch McConnell, condemning him of making a "cynical and deceptive assertion that reform would somehow enable future bailouts -- when he knows that it would do just the opposite".

All 41 Republicans in the 100-seat Senate stated their antagonism to the financial reform bill in a letter, on Friday, but said that they were still ready to work with Democrats on the subject.