Moscow (CNN) -- In an apparent attempt to address popular discontent following the recent parliamentary elections in Russia, President Dmitry Medvedev announced sweeping political reform in his fourth -- and last -- annual state-of-the-nation speech Thursday.

Medvedev said he hears those "who are talking about the need for change" and understands them, agreeing that "all active citizens should be given a legal opportunity" to play a larger role in the country's political life.

Speaking before the newly elected parliament members in the Kremlin's St.George Hall, Mevdedev proposed that Russia return to direct elections of regional governors, simplify the registration of political parties and presidential candidates, and establish a new editorially-independent national public TV channel.

In essence, Medvedev called for lifting many of the political restrictions imposed in the past several years by his predecessor, Vladimir Putin, Russia's current prime minister and the Kremlin candidate for the March 2012 presidential elections.