May 08, 2010 08:52 PM UTC

SEN. BENNET VOTES TO KEEP BANKS "TOO BIG TO FAIL"

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• by: RomanoffForColorado

*SIDES WITH BIG BANKS … AGAIN

*RECEIVED CONTRIBUTIONS FROM ALL SIX BANKS TARGETED

*VOTES, RHETORIC AT ODDS

U.S. Senator Michael Bennet has voted against the Brown-Kaufman amendment which would cap the size and power of “too big to fail” megabanks largely responsible for the financial meltdown.

As an amendment to the financial reform bill, Brown-Kaufman would force the nation’s six largest banks (Bank of America, JP Morgan Chase, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley – all contributors to Sen. Bennet) to dramatically downsize, limiting their self-serving  powers,  their  sway over world markets,  and their ability to leverage –  all which will lessen risk and volatility as a whole.

Said Sen. Majority Whip Richard Durbin: “I would say that (of) all the amendments which will be offered, this is clearly a game-changer. I am supportive of this amendment even though I know some of my friends in the banking industry won’t be happy with that.”

No such sentiment from Sen. Bennet, who, hours before the amendment failed, simply spoke of the need for bipartisan support to “safeguard America’s financial future.”

Sen. Bennet, a member of the Senate banking committee, has, in just over a year, become a top-10 recipient of financial-sector contributions (over $800,000). He voted against the interests of homeowners facing foreclosure (S Amen. 1014 to S. 896, 4/30/09) and voted against auditing the all-powerful, erratically performing Federal Reserve (S. AMDT 875 to S.Con.Res.13, 4/2/09)

“I would further strengthen the financial bill by restoring the Glass-Steagall wall between commercial and investment banking activities,” said U.S. Senate candidate Andrew Romanoff. “I would also move the Consumer Financial Protection Agency outside of the Federal Reserve. I’ve also proposed regulating derivatives, by requiring that they be traded on an exchange; limiting the amount of leverage banks are able to incur; and increasing the percentage banks are required to keep in reserve in safe, liquid investments such as Treasury bills. If a bank is too big to fail, it’s too big to exist.”

In an effort to continue to update the online community on the campaign, we also wanted to share the following statements issued this week:

May 6, 2010

MONEY CAN’T BUY YOU LOVE

Rasmussen Poll: Romanoff gains on Norton;

Bennet loses ground despite million-dollar ad buy

The findings in Rasmussen Reports’ May 3rd survey of Colorado general election voters breaks the back of the cynical, but fading assumption that this U.S. Senate seat can be purchased. After spending more than a million dollars on a statewide television buy, Michael Bennet has lost ground on Jane Norton while, Andrew Romanoff has cut her lead by more than a third. In matchups against Ken Buck, the identical trend continues. As well, Romanoff boasts the highest favorable ratings in the race with significant potential to go higher, while Bennet, who has the highest unfavorables, has a limited universe to sway otherwise.  

The respective trajectories of Romanoff and Bennet are now clear and quantifiable. Voters understand that substance can’t be gauged or sold in 30 seconds. Coloradans know Andrew Romanoff, not his ads.

May 5, 2010

ROMANOFF RENEWS CALL FOR AUDIT OF THE FEDERAL RESERVE

U.S. Senate candidate Andrew Romanoff today renewed his call for an independent audit of the Federal Reserve.  His Democratic opponent, Sen. Michael Bennet, voted against this proposal last year.

“A bipartisan majority of the House voted to require the General Accounting Office to audit the Federal Reserve,” Romanoff said.  “This week, the Senate has a chance to do the same.  I support this step.”

Romanoff underlined the case he first made in March.  “The Federal Reserve’s regulatory power stretches from Wall Street to Main Street,” he said.  “Indeed, the effects of the Fed’s decisions ripple across the globe.”

As Speaker of the House, Romanoff helped restore fiscal responsibility to state government – a lesson he said Washington would be wise to learn.  “If the American people are asked to spend trillions of dollars bailing out the nation’s biggest financial institutions, we have a right to know where our money is going.  An independent audit will provide the transparency and accountability taxpayers deserve.”

A bipartisan group of 34 senators has endorsed the call for an audit.  The Senate may vote on the proposal today.