Bennet: Accusations Against Goldman Sachs Highlight Need for Wall Street Reform

Washington, D.C. - Michael Bennet, U.S. Senator for Colorado, offered the following statement in response to charges by the Securities and Exchange Commission (SEC) that Goldman Sachs created and sold a mortgage investment that was secretly devised to fail.

"Across Colorado, families and small businesses are still reeling from the effects of the financial collapse that occurred a year and a half ago. These unacceptable allegations highlight the need to move to fundamentally reform the way Wall Street does business. If we don't use this opportunity to create safeguards for consumers and protect American taxpayers from having to prop up banks that are ‘too big to fail,' we will continue to run the risk of another financial crisis.

"The Wall Street reform proposal being considered by the Senate is a strong dose of medicine for out-of-control greed and unrestrained financial gambling, and we can't let Wall Street lobbyists continue to block this important consumer and investor protection effort."

For information on Bennet's amendments to the Wall Street Reform package to strengthen investor protections, click here.

Bennet submitted an op-ed to the Denver Post in February on the objectives he hoped the legislation would meet.