WATCH LIVE 10:40AM: President Obama addresses...

<p>On Monday, President Obama announced hes going to take executive action in an effort to reduce the rate of gun violence in America.</p><p>He received a report from Attorney General Loretta Lynch to see what he can do within the scope of his authority. (Video via&nbsp;<a href="https://www.youtube.com/watch?v=LASty2eYbA4" target="_blank">the White House</a>)&nbsp;</p><p>&quot;What I asked my team to do is to see what more we could do to strengthen our enforcement and prevent guns from falling into the wrong hands,&quot; President Obama said.</p><p>The president said he wants to make sure criminals, the mentally unstable and people who pose a threat to themselves and others are less likely to get a gun.</p><p>That likely means stepping up background checks for retailers and closing the loophole that lets collectors and gun shows sell firearms without performing background checks.</p><p>Obama emphasized that his actions will be in line with the Second Amendment and wont overstep his executive authority.</p><p>He stressed the move is not going to solve or prevent every crime but believes that it will save lives. (Video via&nbsp;<a href="https://www.youtube.com/watch?v=Nn26qIcp9zQ" target="_blank">the White House</a>)</p><p>He also called on Congress to enact tighter restrictions, but with a Republican majority&nbsp;&nbsp;hes likely on his own.</p><p><i>This video includes images from Getty Images.</i></p>