WASHINGTON (AFP) - US President Barack Obama pledged to veto any Wall Street reform bill lacking tough rules on opaque financial instruments, as his administration moved to head off opposition to new rules. Amid a deepening political row over the next big ticket item on his agenda, Obama said he would veto any bill that does not tackle derivatives, a class of asset implicated in sparking the financial crisis. Obama delivered the veto threat at a meeting Friday of his Economic Recovery Advisory Board, led by former Federal Reserve chairman Paul Volcker. I will veto legislation that does not bring the derivatives market under control and some sort of regulatory framework assures that we dont have the same sort of crisis we have seen in the past, Obama said. His comments came on a day when his cause received a significant boost from news that Goldman Sachs a storied Wall Street investment bank was charged with fraud in the sale of subprime mortgage-based derivatives. Obamas administration also moved to dampen opposition to what he has called the most sweeping overhaul of the finance industry since the 1930s, by jettisoning the idea of a 50-billion-dollar-fund to pay to liquidate failing firms. The fund is part of legislation that is expected to be discussed on the Senate floor soon, but which has been labeled a bailout fund by Republicans who say its shows Obama is on the side of big government. We dont feel it is an essential part of final legislation, a administration official said referring to the fund. The President will only sign a bill if it passes the test of putting an end to bailouts. A day after meeting Republican leaders at a bi-partisan meeting at the White House on the issue, Obama also tried to increase the political cost of opposing the bill. So in the coming weeks, every member of Congress is going to have to make a decision, Obama said. Are they going to side with the special interests and the status quo? Or are they going to side with the American people? And anyone who opposes this reform is going to be leaving taxpayers on the hook if a crisis like the one that weve just seen ever happens again, and I consider that unacceptable. Republicans have warned that if the US government imposes tough new regulations on derivatives, firms that want to trade in the instruments will simply look elsewhere than the United States. Derivatives are a financial instrument linked to one or more other assets, for instance a bundle of mortgages or debts.