U.S. President Barack Obama, marking a year since Lehman Brothers collapsed, urged financial firms on Monday not to fight regulatory reform and urged Congress to pass his proposals by the end of the year.

One year ago, we saw in stark relief how markets can err; how a lack of common-sense rules can lead to excess and abuse; how close we can come to the brink, Obama said, according to prepared remarks.

One year later, it is incumbent on us to put in place those reforms that will prevent this kind of crisis from ever happening again.

(See the prepared text of Obama's speech.)