wallstreetAs a member of the Senate Banking Committee, Senator Warner is involved in efforts to reform the financial industry's regulatory framework.  He believes a failure in regulation contributed to last year's economic crisis and the collapse of leading players in the financial industry. Recently, Senator Warner has focused on preventing systemic risk through the creation of an independent council that would monitor institutions before they become "too big to fail."  He also has introduced bipartisan legislation that would provide a responsible, predictable exit strategy from the government's ownership role in several TARP-recipient companies, including AIG, Citigroup, and General Motors.  

Senator Warner's Progress:

  • Throughout 2009 and early 2010, Senator Warner teamed up with Tennessee Republican Senator Bob Corker to work-out a bipartisan proposal to address the notion of "too big to fail" and end taxpayer-financed bailouts of Wall Street firms. Their proposal was included in Senate Banking Committee Chairman Chris Dodd's financial regulatory reform draft legislation, which was introduced in March 2010.
  • In November 2009, Senator Warner introduced legislation to create an independent agency to monitor systemic risk.  He published an op-ed in the Washington Post in June 2009 outlining the details of the council.  
  • In July 2009, Senator Warner introduced the Resolution Reform Act of 2009, bipartisan legislation with Tennessee Senator Bob Corker that would allow the Federal Deposit Insurance Corporation (FDIC) to takeover and "wind down" banks owned by larger financial firms known as bank holding companies.
  • In June 2009, Senator Warner introduced the TARP Recipient Ownership Trust Act of 2009, another piece of bipartisan legislation with Tennessee Senator Bob Corker to maximize returns on taxpayer investments into institutions that have received government assistance.

Recent News on Financial Reform

Here is what Senator Warner has been doing recently regarding financial reform:

July 2012
  • 07/31/12 -
    Fannie, Freddie should reduce mortgages for responsible homeowners
    Senator Warner expressed disappointment today that the director of the government-supported home mortgage companies Fannie Mae and Freddie Mac still declines to allow targeted write-downs on delinquent mortgages. Federal Housing Finance Agency director Ed DeMarco has said he sees no benefits for the taxpayers through loan modifications that write-down debt.
  • 07/17/12 -
    Waiting for Congress = Waiting for Godot.
    Federal Reserve Chairman Ben Bernanke on Tuesday delivered his twice-a-year testimony to the Senate Banking Committee. The Fed Chairman nodded in agreement when Senator Warner noted that a $4 trillion reduction in the federal debt over 10 years is relatively modest compared to the austerity being asked of citizens in the U.K. and across Europe.
September 2011
  • 09/23/11 -
    The European debt crisis & what it could mean for us
    As finance chiefs from around the world turn-up the heat on Europe to do more to prevent Greece's debt crisis from infecting the world economy, Senator Warner chaired a Banking subcommittee hearing to hear from a range of experts about what the crisis could mean for the struggling U.S. economy.
July 2011
  • 07/20/11 -
    Bipartisan House Support for Gang of Six Proposal
    Support is growing for the Gang of Six deficit and debt reduction plan. Northern Virginia Republican Congressman Frank Wolf and Tennessee Democrat Jim Cooper are asking House Speaker John Boehner applauding the plan and calling for the “full and immediate attention of the House of Representatives.”
  • 07/20/11 -
    What they're saying about the Gang of Six plan
    Here’s some reaction to the Gang of Six deficit reduction plan. Senator Warner, a leader of the Gang of Six group, has been working across the aisle to reduce the deficit and preserve entitlements since last year.
March 2011
  • 03/15/11 -
    Announcing the BUILD Act
    U.S. Sens. Mark R. Warner (D-VA), Kay Bailey Hutchison (R-TX) and John Kerry (D-MA) announced today they will co-sponsor The BUILD Act creating a new infrastructure bank to help finance infrastructure projects. The BUILD Act, which will help close America’s widening infrastructure gap, create jobs throughout the next decade, and strengthen America’s competitive position, has the support of the AFL-CIO and the U.S. Chamber of Commerce.
February 2011
  • 02/11/11 -
    Town hall in Charlottesville
    Senator Warner had a great conversation yesterday with employees at the State Farm operations center in Charlottesville. Employees were interested in his thoughts on government regulation and the economy, and the Senator also talked about his efforts to form a bipartisan coalition of colleagues to tackle the budget deficit and our nation’s spiraling debt.
September 2010
  • 09/08/10 -
    Taking "wonky" questions at JMU
    Senator Warner started the day off talking business with business and finance majors at James Madison University's Forbes Center for the Arts.
August 2010
  • 08/05/10 -
    Boosting U.S. manufacturing
    In the past decade or more, the United States has produced more financial engineers than industrial engineers, and our nation's lack of a coherent manufacturing strategy is threatening our ability to compete.
July 2010
  • 07/21/10 -
    Protecting consumers and promoting growth
    Senator Warner joined President Obama and other Congressional leaders today at the bill signing ceremony for historic financial regulatory reform legislation he helped craft as a member of the Senate Banking Committee. The new law, which comes almost two years after the almost-collapse of the nation’s financial system, has been described as the most ambitious overhaul of financial regulation in a generation.
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