WASHINGTON, DC - Today, after Senate Banking Committee Chairman Chris Dodd (D-CT) stated his intent to move forward with legislation to revamp the nation's financial regulatory system, Senator Jack Reed (D-RI), a senior member of the Banking Committee, issued the following statement:

"Chairman Dodd has shown a tremendous willingness to reach across the aisle to seek rational compromises.

"But the reality is there are important, fundamental differences between the two sides when it comes to protecting consumers and preventing the kind of excesses that led to the 2008 financial collapse.

"I hope that as the process unfolds we can find bipartisan support for common sense solutions to address these key issues.

"Failure to act based upon the lessons of the last several years would leave Americans continually vulnerable to failures in the marketplace. We must provide the transparency necessary for sustained economic growth that produces jobs, not just handsome compensation for the financial industry."