Senator Warner released the following statement today after Senate Banking Committee Chairman Chris Dodd released draft legislation on financial regulation.

Senator Dodd's proposal incorporates the bipartisan agreements reached earlier by Senator Warner and Tennessee Republican Senator Bob Corker on new rules to regulate systemic risk and prevent future Wall Street bailouts.

“It has been more than two years since the beginning of this crisis, and I believe it is time we move forward with this Wall Street reform proposal. Chairman Dodd’s bill modernizes regulations for the financial industry while also preventing future bailouts.

“I am pleased that my work with Senator Bob Corker to end bailouts, ensure that no company is ‘too big to fail,’ and provide for the orderly liquidation of large complex companies was included in Chairman Dodd’s legislation.

“I intend to continue working with my colleagues on the Committee in a bipartisan way to try to strike the right balance in how we regulate the financial industry.”