Priorities

Readers of Sunday's papers got a double-dose of Senator Warner yesterday.  The Washington Post and the Richmond Times-Dispatch each published op-eds written by the Senator in their Sunday editions.

In the op-ed that ran in the Washington Post, Senator Warner discussed his concerns about the proposal to give the Federal Reserve authority to regulate systemic risk -- the notion of an institution becoming "too big to fail."  He wrote that the Fed should focus on its job of enforcing monetary policy.

He outlines his alternative proposal of a systemic risk council -- which would include all the Fed, the Treasury Dept., and all the regulatory agencies -- with an independent staff with the sole responsibility to regulate systemic risk:

The council would focus on one job: systemic risk. By its nature, it could see across the full horizon of banking, securities, insurance and private equity and better anticipate the risks that emerge in an innovative financial sector. Prudential regulators would remain empowered and responsible for systemic risks arising in their jurisdictions. If threats extend beyond the authority of one regulator, the council would ensure comprehensive, coordinated action.

To ensure that monetary policy and systemic risk are each managed in the best possible manner, we must recognize that institutional structures and responsibilities matter. Doubling down on a structure of the past that has not performed well outside of its core function is not the way to confront the challenges of the future.

Click here to read "A Risky Choice for Risk Czar."

The other op-ed published on Sunday was about Senator Warner's Senior Navigation and Planning Act of 2009, the health reform legislation he introduced to give patients and families more options and tools as they approach the end-of-life.

In the Richmond Times-Dispatch, he shared his personal story of his own family's struggles:

I know firsthand how tough this can be on patients and their families: My mother suffers with late-stage Alzheimer's disease. When she was first diagnosed with this cruel disease almost a decade ago, my family missed the opportunity to talk frankly and honestly with my mother and her health care providers about her care options. We did not discuss living wills, or advanced care directives.

If my family had better access to good information, informed counseling, and other key resources a decade ago, we might have held important family discussions with my mother and worked with her doctors and pastor to craft a care plan that truly reflected my mother's wishes.

Click here to read "U.S. Needs More Options for Seniors."