Wall Street reform bill would have stopped Goldman, Sen. Dodd says

Sen. Chris Dodd (D-Conn.) said Monday his Wall Street reform billĀ  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 ObamaBarack Hussein ObamaTeaching black children to read is an act of social justice Buttigieg draws fresh scrutiny, attacks in sprint to Iowa The shifting impeachment positions of Jonathan Turley MORE announced plans to bring his arguments directly to Wall Street.

In a press conference with Sen. Mark WarnerMark Robert WarnerHillicon Valley: FTC rules Cambridge Analytica engaged in 'deceptive practices' | NATO researchers warn social media failing to remove fake accounts | Sanders calls for breaking up Comcast, Verizon Bipartisan senators call on FERC to protect against Huawei threats Hillicon Valley: House passes anti-robocall bill | Senators inch forward on privacy legislation | Trump escalates fight over tech tax | Illinois families sue TikTok | Senators get classified briefing on ransomware MORE (D-Va.), Dodd, the chairman of the Senate Banking Committee, took Republicans to task for opposing his legislation and linked them to Wall Street.

ADVERTISEMENT

"Wall Street and our Republican friends apparently want to leave in place the status quo. The status quo leaves us vulnerable should another economic crisis occur without any changes in the law whatever," Dodd said.

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 CollinsSusan Margaret CollinsGiffords, Demand Justice to pressure GOP senators to reject Trump judicial pick Senate confirms eight Trump court picks in three days Lawmakers call for investigation into program meant to help student loan borrowers with disabilities MORE (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.