Sen. Chris Dodd (D-Conn.) said Monday his Wall Street reform bill would have stopped the activities that brought fraud charges against Goldman Sachs on Friday.
Dodd also promised to press forward with his financial reform bill this week as President Barack Obama announced plans to bring his arguments directly to Wall Street.
In a press conference with Sen. Mark Warner (D-Va.), Dodd, the chairman of the Senate Banking Committee, took Republicans to task for opposing his legislation and linked them to Wall Street.
Republicans have claimed Dodd's bill enables perpetual bailouts of companies, and does little to address "too big to fail" financial institutions. Democrats have rejected those claims, and have accused Republicans of siding with Wall Street over the middle class.
Dodd said he hoped to reach a broad agreement with Republicans this week in order to move forward with his legislation.
Dodd and Democrats believe the fraud charges against Goldman Sachs will help them move legislation across the finish line.
"It does, although I thought they were pretty good anyway," House Financial Services Committee Chairman Barney Frank (D-Mass.) said on Monday when asked whether the charges improved the chances for financial reform's passage during an appearance on CNBC.
Dodd on Monday sought to make a direct link between his bill and the charges against Goldman Sachs, stating that the alleged fraud committed by the former investment bank could have been prevented if his legislaiton was already law.
Goldman Sachs is accused of withholding information that a financial instrument it was selling was put together by a hedge fund that was taking a "short" position on it, and essentially betting it would fail. Goldman has strenuously protested the charges, saying it did nothing wrong.
"Let there be no doubt in my mind, our bill would have prevented that kind of events from happening, in my view, and that's what the public needs to know," Dodd said on Monday.
The Obama administration has opened up a full court press to win Republican votes for the Dodd bill, with at least one GOP senator needed to cross the aisle in order to advance the bill if all 59 Democrats vote together on it.
Treasury Secretary Tim Geithner will meet with Sen. Susan Collins (R-Maine) to discuss reform efforts on Monday, and President Barack Obama will travel to Cooper Union in New York City on Thursday to discuss regulatory reform in Wall Street's backyard.
Dodd remained optimistic that his proposal could pick up Republican support.
"There are Republican members of this body who are tired of being asked to vote no on everything," he said.