President Barack Obama is committed to forming a financial protection agency for U. S. consumers, Robert Gibbs, White House Press Secretary have said.

Republicans and banking industry lobbyists have opposed the creation of an agency that would regulate consumer products such as mortgages, credit cards and other consumer financial products among the key proposals in Obama's financial reform package.

The president was also standing firm on the so-called "Volcker rule", Gibbs said.

The rule, which is named after former Federal Reserve Chairman Paul Volcker, would ban commercial banks from proprietary trading.

Gibbs, fielding questions from reporters, said," The administration remains as committed today to what was outlined that day with Chairman Volcker and members of the economic team. We're not walking away from and we're not watering down that proposal one bit." (With Input from Agencies)