Reid's rhetoric has been replaced by the "stench of hypocrisy," said Brian Walsh, a spokesman for the National Republican Senatorial Committee.
President Obama made ties to Wall Street a political issue late last week when he personally singled out Senate Minority Leader Mitch McConnell, R-Kentucky, and Sen. John Cornyn, R-Texas, for their recent meeting with Wall Street leaders. Cornyn is the chairman of the NRSC, the campaign arm for Senate Republicans.
In his Internet and radio address released Saturday, Obama claimed that McConnell and Cornyn held the meeting in order to talk about how to block progress on financial regulatory reform legislation.
Appearing on CNN Sunday, McConnell denied Obama's accusation, but Democrats have continued to hammer Republicans over their ties to Wall Street and the GOP's objections to the current version of the reform legislation under consideration in the Senate.
Asked about reports that he held a Wall Street fundraising event, Reid defended his legislative efforts to put tighter controls on large financial institutions.
"Well first of all, everything that we have done on this legislation is about as transparent as it can be," Reid said. "I think that it's pretty clear that I'm leading the effort to rein in Wall Street, to make them more accountable and end the 'too big to fail' and while Republicans it seems are leading the efforts to leave things just the way they are. Wall Street is responsible for our economic disaster and we must hold them accountable."
Reid walked away and did not respond when asked by CNN for more information about the fundraiser.
After the news conference, Reid spokesman Jim Manley confirmed that the senator held a fundraiser on Wall Street in mid-January. The event took place at a New York City restaurant and attended mostly by executives of Goldman Sachs, the powerful investment bank recently sued with civil fraud. Reid raised approximately $37,000 at the event, Manley also told CNN.
But Manley sought to distinguish Reid's meeting with Wall Street executives with the McConnell-Cornyn meeting highlighted by Democrats.
"After Senator McConnell meets with Wall Street executives, he goes to the floor of the Senate to call for protecting them and watering down efforts to hold Wall Street accountable," Manley said. "After Senator Reid met with Wall Street executives, he brought up a bill to hold Wall Street accountable and put consumers back in control. That's a big difference, and it clearly shows that Senator Reid is standing up for middle class families while Senator McConnell is covering for banks and Wall Street."
But Walsh called Reid a hypocrite after it was acknowledged he held a Wall Street fundraiser.
"As he collects Wall Street cash behind closed doors and pretends to advocate for Main Street in public, Reid's partisan rhetoric has quickly been replaced with the stench of hypocrisy," Walsh said.
Updated: 9:14 p.m.