Washington, DC - As Coloradans continue to voice their concerns about the burden mounting debts and deficits may place on future generations, Michael Bennet, U.S. Senator for Colorado and a member of the Senate Banking Committee, called on Congress and the Administration to take seriously the need to get America's fiscal house in order.
This week, in a Senate Banking Committee hearing which featured testimony by Federal Reserve Chairman Ben Bernanke, Bennet posed the question of what strategies may be most appropriate and effective as Congress lays the groundwork for efforts to restore the nation's long-term fiscal health.
For video of Bennet's questions to Federal Reserve Chairman Bernanke, please click here.
And this morning, in a Senate Banking Committee hearing featuring Sheila Bair, Chairwoman of the Federal Deposit Insurance Committee (FDIC), Mary Shapiro, Chairwoman of the Securities and Exchange of Commission (SEC), and Daniel Tarullo, Member of the Fed Board of Governors, Bennet underscored the importance of reforming the financial system so that taxpayers aren't forced to prop up financial institutions that are deemed too big to fail.
For video of Bennet's questions at today's Senate Banking Committee hearing, please click here.
Bennet's focus on deficit and debt reduction is part of his push to make fiscal responsibility in Congress a priority. This week, Bennet announced his plan with Senator Claire McCaskill to introduce legislation to reinstitute the pay-as-you-go (PAYGO) statute, which would require Congress to find a way to pay for all new spending or tax cuts.