He proposed legislation that encompasses three principles: First, earmarks should have a "legitimate and worthy" public purpose; second, earmarks ought be posted on lawmakers' websites in advance; and third, each earmark should be subject to public hearings, where members "will have to justify their expense."

"The future demands that we operate in a different way than we have in the past," Obama said. "Let there be no doubt: The piece of legislation must mark an end to the old way of doing business."

See text of his remarks here: