WASHINGTON, DC - U.S. Senator Jack Reed (D-RI), a senior member of the Senate Banking Committee and Chairman of the Subcommittee on Securities, Insurance, and Investment, today issued the following statement in response to the release of Treasury Secretary Henry Paulson's Regulatory Blueprint:

"At a time when it is hard for some of our biggest financial firms to clearly list what is on their balance sheets, the Administration's regulatory proposal needs more than a thorough vetting.

"One of the reasons middle class families are worried about the economy is that nothing seems clear.

"We need more than a repackaging of some old ideas about regulation. It is time for Congress and the Administration to roll up our sleeves and work with businesses and investors to get it right.

"It is clear that we cannot easily dig ourselves out of what has become a significant crisis in confidence. Market participants expect real reforms in transparency and disclosure. Until investors have a clearer idea of where the remaining losses are, this is going to continue to be an uphill battle.

"The Bush Administration's attitude of taking a hands-off approach is not going to ultimately help American families recover from the urgent and critical challenges facing our economy."