Even as his health care fight appeared to be nearing a conclusion, US President Barack Obama hailed the opening of another war on Saturday -- the beginning of congressional hearings on a revamping of financial regulation. Connecticut Sen. Chris Dodd plans to open those hearings Monday in the Banking Committee he chairs, despite intense opposition from big banks, Republicans and an army of financial-services lobbyists. Speaking in his weekly radio and Internet address, President Obama warned that he will use "every tool at my disposal" to enact the kinds of reforms that Dodd has included in his draft legislation. "The allies of banks and consumer finance companies launched a multimillion-dollar ad campaign to fight against the proposal. You might call this 'air support' for the army of lobbyists already arm-twisting members of the committee to reject these reforms and block this consumer agency," President Obama said. "Perhaps that's why, after months of working with Democrats, Republicans walked away from this proposal. I regret that and urge them to reconsider." "Large banks engaged in reckless financial speculation without regard for the consequences -- and without tough oversight," President Obama said. "Financial firms invented and sold complicated financial products to escape scrutiny and conceal enormous risks. And there were some who engaged in the rampant exploitation of consumers to turn a quick profit no matter who was hurt in the process." President Obama sought to confront that charge head-on, saying, "I have long been a vigorous defender of free markets. And I believe we need a strong and vibrant financial sector so that businesses can get loans; families can afford mortgages; entrepreneurs can find the capital to start a new company, sell a new product, and offer a new service."