Financial Reform

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:

  • 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.  
  • 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.
  • 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:

November 2009
  • 11/20/09 -
    Talking to small business owners on health care, economy
    Senator Warner was in Richmond today to check-in with small business owners who are facing the challenges of the tough economy head-on.
  • 11/18/09 -
    Urging more aggressive action on small business lending
    During a small business conference hosted by the Treasury Department and the U.S. Small Business Administration today, Senator Warner urged the administration, Congress, and banks to work quickly to boost lending to small businesses still facing very challenging credit conditions.
  • 11/10/09 -
    Framework for financial reform
    Senator Warner joined his colleagues on the Senate Banking Committee today to discuss Chairman Chris Dodd's proposed financial reform legislation, which includes several of Senator Warner's reform ideas, including the creation of a systemic risk council and a single federal banking regulator.
  • 11/09/09 -
    "Some help for small business"
    On Sunday, the Richmond Times-Dispatch published an op-ed written by Senator Warner discussing his proposal to increase access to credit by small businesses by pooling unspent funds in the TARP program with loan funds from local and community banks.
  • 11/06/09 -
    Monitoring 'too big to fail'
    Senator Warner spoke on the floor today to promote his bill creating a strong, independent council to regulate institutions from becoming "too big to fail," or so complex that its failure might undermine the financial system.
  • 11/05/09 -
    Short-term help for jobless Virginians
    Senator Warner joined his colleagues yesterday to extend unemployment benefits for millions of Americans who are out of work.
October 2009
  • 10/28/09 -
    Discussing small business lending on "The Ed Show"
    Senator Warner appeared on MSNBC's "The Ed Show" to discuss his recent proposal to more aggressively act to boost small business lending by re-allocating some of the TARP funds and getting the banks to open up lines of credit for small businesses to grow.
  • 10/21/09 -
    More action to revive small business lending
    Senator Warner and 31 of his Senate colleagues are urging the Obama Administration to do more to support America’s struggling small businesses by increasing the availability of credit.
  • 10/15/09 -
    A plan to expand help for small businesses
    Senator Warner is working with the Treasury Department on a plan to loosen the clogged credit market for small businesses.
  • 10/15/09 -
    "Banking Reform's Dynamic Duo"
    The Washington Post this morning published a feature story on the perhaps unlikely partnership that's developed between Senator Warner and Tennessee Republican Senator Bob Corker -- a bipartisan relationship and mutual respect that goes beyond their attendance at Senate Banking Committee hearings.
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