Michael Bennet's Next Target: Bank Regulations

March 30 2010, 10:27 AM
Following his vote on historic health-care-reform legislation (and his decision not to fight for the so-called "public option"), U.S. Senator Michael Bennet, a Colorado Democrat, now wants to target bank reform. This time, though, he thinks an overhaul will enjoy support from both parties, reports KUNC radio. Bennet wants to ensure that no bank or agency will be allowed to become too big to fail. "Maybe more than anything else, we need to make sure the taxpayers never again come out of pocket to rescue one of these financial institutions, and I think this bill accomplishes that," he says, referring to legislation now under consideration. Bennet even has helped author a measure that seeks to strengthen government oversight of credit-rating agencies. Democrats have pointed a finger of blame at banking industry lobbyists, saying they are improperly portraying community banks as victims of any legislation while "giant Wall Street banks are spending millions of dollars to lobby against financial reform," writes The New York Times. As for the big bailout of 2008, although the government will reap a profit from Citigroup Incorporated shares, and other banks it helped keep afloat, analysts and even the Treasury Department predict the bailout will end up costing taxpayers at least $100 billion, notes The Associated Press.