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.  

"We're trying to put in place some 21st Century 'rules of the road,'" Senator Warner said at a press conference today.  Senator Warner said that while there are parts of the bill that will need more discussion, Chairman Dodd's proposal is a good framework that he hopes will lead to a bipartisan solution:

"There is no Democratic or Republican answer on getting our financial re-regulation right. This is an area where the unintended consequences could be dramatic, and that's why we need all of us rowing in the same direction."

The Associated Press wrote:

Dodd's proposal prompted cheers from consumer advocates and other Democrats, including Sen. Mark Warner, D-Va., an influential moderate who said swift action was necessary to prevent future government bailouts of big banks.

"Never again should the American taxpayers have to hear about 'too big to fail,' where the American taxpayer has to pick up the slack," Warner said.

A few of Senator Warner's ideas are highlighted in the draft legislation, including:

• Ends Too Big to Fail: The Chairman's proposal imposes tough new capital requirements and planning metrics to create a safe way for failing institutions to shut down.  In July, Senator Warner introduced bipartisan legislation with Tennessee Senator Bob Corker calling for more "resolution authority" so institutions could no longer be "too big to fail."

• Protects Against Systemic Risks: The proposal calls for the creation of an independent agency that would serve as a systemic risk regulator, an idea Senator Warner first began discussing in June.

• Single Federal Bank Regulator: The proposal also would create a single banking regulator to eliminate unnecessary overlap and increase accountability.  Senator Warner called for a single regulator in an op-ed in August.  

To read more about Chairman Dodd's bill, click here to visit the Senate Banking Committee website.  

U.S. Senator Mark Warner gives remarks during a news conference with members of the Senate Banking Committee about proposed financial reform legislation on November 10, 2009.