WASHINGTON, US - US President Barack Obama will discuss the winding down of the government's involvement in the financial sector in a wide-ranging speech on Monday in which he will try to reinvigorate stalled legislation on regulatory reform.

An administration official, who previewed the speech, said it would also include a call for global coordination to prevent future financial crises.

In the remarks scheduled for 12:10 p.m. EDT (1610 GMT), he will also urge Wall Street firms to take responsibility and avoid the kind of reckless behavior that led to the 2008-2009 financial chaos.

Obama's remarks coincide with the anniversary of the collapse of Lehman Brothers that triggered the global contagion.

"President Obama will discuss the administration's plan to wind down government involvement in the financial sector, lay out a strong case for immediate action on regulatory reform and reiterate the importance of global coordination in preventing future crises," the official said.

"He will also urge the financial community to take responsibility, not only to support reforming the regulatory system but also to avoid a return to the practices on Wall Street that led us to the financial crisis, and to recognize their obligation to help produce a wider recovery on behalf of the American people," the official said.

The speech will be held at the historic Federal Hall in the heart of Wall Street. Among those in the audience will be the President's Economic Recovery Advisory Board, which is led by former Federal Reserve Chairman Paul Volcker.