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Obama: Global Economy Not Growing As Fast As It Should Be

White House Reuters

President Barack Obama urged Congress on Friday to take actions that would help the U.S. economy, including raising the federal minimum wage, passing new trade agreements and simplifying the tax code.

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"Only Congress can fully close the loopholes" that wealthy individuals or corporations can take advantage of, Obama said in a statement.

Obama said new U.S. regulations announced on Friday on requiring the financial industry to identify the real owners of companies "are going to make a difference." He called on Congress to pass legislation that would help law enforcement investigate and prevent financial crimes.

(Reporting by Jeff Mason and Susan Heavey; Writing by Doina Chiacu; Editing by Chizu Nomiyama)

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