Senator Warner appeared on Fox News this morning and answered critics who claim the Senate's proposal to reform the financial regulatory system is not tough enough. He disagreed, and called the Senate proposal a "giant step forward."  

He acknowledged that there are ways to improve the bill, and encouraged his colleagues to provide specific suggestions. 

"There are ways we can toughen it up more, but you wouldn't see Wall Street so opposed to parts of this bill if it wasn't tough on Wall Street."

He mentioned specific provisions that crack-down on financial institutions, including higher capital requirements for banks, mandatory "funeral plans" that prescribe how large, failing institutions will be dismantled, and a strong resolution process that will be a "death sentence" for the firm. Most importantly, the Senate proposal makes sure that the taxpayers are not obligated to pay for any more bailouts.

Watch the interview below: