The Obama administration is in favor of a strong financial overhaul. Treasury Secretary Tim Geithner said Tuesday that U.S. needs a "financial reform with teeth."

Obama met leaders of the Congress on Wednesday and urged the lawmakers to support his proposal. He will meet with economic advisers on Friday to discuss financial reform, including derivatives market oversight, a White House spokesman said.

But the financial bill in process is strongly opposed by financial firms. They argued that the financial regulations headed to the Senate floor would weaken competitiveness of the U.S. financial sector and add new burdens to the country's struggling businesses.

Despite the public and private policy disputes, lawmakers from both parties have said that consensus exists on significant bipartisan bill lies within reach.

Analysts expect that the bill may be passed the Senate before the end of this month.

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