Financial Reform

Wyden co-authored legislation to reform the credit rating agencies whose egregious miscalculation of the risk associated with asset-backed securities was a major component in the near-collapse of the U.S. financial system. He also co-authored a successful amendment to require the GAO to conduct an audit of the Federal Reserve’s emergency spending programs and make the results public. This will provide taxpayers with a clearer picture of where the funds spent by the Federal Reserve during the financial crisis were actually going.

Senator Wyden opposed both rounds of TARP bailouts for Wall Street and led the fight to keep recipients of TARP funding from distributing massive bonuses to their employees.