Last week, Senator Warner discussed at length his efforts to end “too big to fail” and prevent any future taxpayer bailouts of Wall Street firms with Larry Kudlow, host of CNBC's "The Kudlow Report." 

Senator Warner has spent months working on the proposal with Tennessee Republican Senator Bob Corker, and their bipartisan efforts have been largely incorporated into the major financial regulation legislation adopted by the Senate Banking Committee earlier this month.

On Friday's broadcast, Senator Warner went into detail about his ideas and proposals:

“What we’ve done is implement a large number of ‘speed-bumps’ for these large firms – higher capital reserve requirements, liquidity requirements, making sure that they actually have a plan that has to get ‘blessed’ by the regulators that shows how they can unwind … actually, what we have is a strong preference for bankruptcy … God forbid we get into resolution, but … if you go into resolution, the firm’s not coming out.”