U.S. President Barack Obama Wednesday said he would continue financial reform to fight against excessive speculation that could send the U.S. economy into a new crisis.

"I am not interested in punishing banks, I’m interested in protecting our economy," said Obama in his first State of the Union address.

He noted that a strong, healthy financial market makes it possible for businesses to access credit and create new jobs.

"It channels the savings of families into investments that raise incomes," said the president. "But that can only happen if we guard against the same recklessness that nearly brought down our entire economy."

He also vowed he would veto any finance bill that does not contain "real reform."

"The House has already passed financial reform with many of these changes. And the lobbyists are already trying to kill it," he told lawmakers at the Capitol Hill.

"Well, we cannot let them win this fight. And if the bill that ends up on my desk does not meet the test of real reform, I will send it back."