Wyden wants clients to know firm's portfolio

Sen. Ron Wyden (D-Ore.) looks to add to the financial reform bill a measure that forces finance firms to disclose any stake it has in seeing a product lose value.

The amendment comes on the heels of findings from Sen. Carl Levin (D-Mich.) that discovered a conflict of interest existed at Goldman Sachs because it bet against the very securities it sold to clients. 

"No other industry wold bet against their own product while selling it to the American people," Wyden said in a statement. "If these firms are willing to create and sell these products then they should be able to stand behind them and be honest with their clients." 

His amendment creates a Financial Stability Oversight Council that would require any seller of a financial product to disclose to the purchaser whether the seller would benefit financially if the product lost value.