U.S. President Barack Obama said Saturday repealing the financial law he signed in July would take the country backwards.

In his weekly radio and Internet address, Obama called out the Republican leadership in Congress for vowing to repeal the Wall Street reform law, which protects Americans from unfair practices in mortgage transactions and foreclosures.

"Without sound oversight and commonsense protections for consumers, the whole economy is put in jeopardy," Obama said, "That doesn't serve Main Street. That doesn't serve Wall Street. That doesn't serve anyone."

The White House said that, besides protecting U.S. consumers, the financial law also set new rules so that taxpayers would never again be on the hook for a bailout if a big financial company went under, and helped rein in the secret deals and reckless gambling that nearly brought the financial system down.

The financial law passed despite nearly unanimous Republican opposition.

Obama's address came less than two weeks before elections in which Republicans have a good chance of taking over the House. House Republican leader John Boehner of Ohio has called for a repeal of the Wall Street reform, as have top Senate Republicans. But Obama would stand in the way through his veto power.

Obama said it "would be a terrible mistake" if the law was to be repealed.