WASHINGTON –  Today, the Senate Banking Committee voted 12-10 along party lines to approve a sweeping overhaul of financial services regulations proposed by the Committee’s Chairman. In his opening statement, U.S. Sen. Mark R. Warner (D-VA) denounced the process under which the legislation was considered for its lack of bipartisanship and transparency, and promised to use “every tool” at his disposal to prevent the legislation from proceeding to the Senate floor for a vote.

During the markup, Sen. Warner and all of the Banking Committee Democrats supported an alternative proposal that would provide targeted regulatory relief for community banks and credit unions, while strengthening consumer protections.