Obama: Wall St. protests express public's anger

October 6, 2011 - 10:40 AM

WASHINGTON (AP) — President Barack Obama says demonstrators protesting against Wall Street and economic inequality are expressing the frustrations of the American public.

Speaking at a White House news conference, Obama says he understands the public's concerns about how the nation's financial system works. And he says Americans see Wall Street as an example of the financial industry not always following the rules.

However, Obama says the U.S. must have a strong and effective financial sector for the economy to grow. He says the financial regulation bill he championed is designed to make sure there is tougher oversight of the financial industry.

The Occupy Wall Street protests started Sept. 17 in New York. Related demonstrations have popped up around the country.