Legislation passes with Bennet’s help; bill could be better, his challenger says

The financial regulation bill passed Thursday by the Senate would have won his vote, but not his enthusiasm, Senate challenger Andrew Romanoff said.

The measure, Romanoff said Thursday night, “was the best we could expect from the Congress that we have. That’s not good enough.”

Sen. Michael Bennet, D-Colo., whom Romanoff hopes to unseat in the Democratic primary next month, supported the measure, saying it was aimed at risky business practices on Wall Street.

“I fought hard to strengthen and pass a tough Wall Street reform bill that will make sure that taxpayers are never again left paying the price for Wall Street’s greed and risky behavior,” Bennet said in a statement.

The measure, however, fails to rebuild a wall between commercial and investment banking that was erected in 1933, Romanoff said.

The measure also falls short of protecting taxpayers from having to cover banks deemed too big to fail because it did not limit the leverage used by large banks, Romanoff said. Bennet cited an amendment he sought that will direct repaid bailout money to paying down the deficit.

He also lauded the bill’s provisions establishing regulatory oversight for derivative deals, which frequently are used as hedges against market shifts one way or the other.


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