July 30, 200954>
Empowering the FDIC
Senator Warner introduced bipartisan legislation today with Tennessee Senator Bob Corker that would allow the Federal Deposit Insurance Corporation (FDIC) to takeover and "wind down" banks owned by larger financial firms known as bank holding companies.
A bank holding company is an institution that controls one or more banks. The FDIC currently has the authority to assist a failing bank, but it does not have clear authority to sell-off failing banks or thrifts within the holding company.
This legislation would place a bank holding company into the hands of the FDIC if a particular insured depository institution within the holding company structure needs to be resolved. This authority will help prevent the government from having to prop-up failing institutions, as we've seen in the past year.
Senators Warner and Corker, both members of the Senate Banking Committee, said the legislation is neccesary to fill a glaring regulatory gap in the current system. They see this as an interim step as Congress and the Obama administration continue work on broader regulatory reform.
Senator Warner said:
“While the Banking Committee continues working to fix what is broken in our hodge-podge system of financial regulation, this legislation represents an interim step to patch a problem with the existing regulatory structure.
"While the FDIC has the authority to resolve failing banks, it does not have the authority to resolve bank holding companies, and that creates complications which places deposit holders and the deposit insurance fund at greater risk. Senator Corker and I believe that is a risk we cannot afford and should not allow to continue.”
The Resolution Reform Act of 2009 is the second piece of bipartisan legislation jointly sponsored Senators Warner and Corker. The senators also have introduced The TARP Recipient Ownership Trust Act of 2009, designed to quickly relinquish the federal government’s ownership stake in private companies such as AIG, General Motors and Citibank in a responsible, orderly manner that will protect and maximize the taxpayer’s investment.
08/12/09 -
08/06/09 -
08/06/09 -
Talking banking re-regulation on CNBC
Senator Warner appeared on CNBC today, to talk about his op-ed calling for a single banking regulator. He also talks about his hopes of seeing a health care bill that creates a "competitive alternative" that helps drive down costs. Here is the interview:
08/06/09 -
Promising news on the D-Day Memorial
Senator Warner received a letter from U.S. Secretary of the Department of Interior Ken Salazer today informing us that he will dispatch a National Park Service team to the National D-Day Memorial in Bedford to make a preliminary assessment of whether the site might be eligible for inclusion in the National Park Service system.
08/06/09 -
Health care bottom line on "Top Line"
Senator Warner appeared on ABC News Now's "Top Line" this afternoon. The majority of the discussion focused on the health reform debate, and the Senator talked about his focus on containing costs in health care:
08/05/09 -
Training for next-gen fuel vehicles
This morning, the U.S. Department of Energy awarded a $720,000 grant to J. Sargeant Reynolds Community College in Richmond for the development of a new workforce training program for next-generation electric vehicles.
08/04/09 -
The status quo is not an option
Senator Warner appeared on MSNBC's "The Ed Show" yesterday to discuss the need for health reform. He said the status quo for those who have health insurance, as well as those who don't, would be "disastrous:"
07/31/09 -
Energy and water projects across VA
Senator Warner was able to secure funding for 21 energy and water projects that are designed to improve infrastructure, protect the environment, and promote economic development across Virginia.
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07/30/09 -
Current record
07/29/09 -
An eye-opening experience
Over the weekend, thousands of Americans from across the country traveled to Wise County in Southwest Virginia to attend Mission of Mercy, a Remote Area Medical Clinic held annually that provides free dental exams to those without coverage or those who can’t afford to see the dentist on their own.
07/29/09 -
Jumpstarting affordable housing projects
Senator Warner announced yesterday that the U.S. Department of Housing and Urban Developmen (HUD) has approved $44.2 million to jumpstart affordable rental housing programs in Virginia.
07/28/09 -
New law enforcement jobs
Senator Warner announced today that the U.S. Department of Justice has distributed more than $5.1 million from the economic recovery package to eight Virginia law enforcement agencies to hire and retain 31 new law enforcement officers in Virginia.
07/27/09 -
"Exit strategy needed"
The Washington Times published an op-ed written by Senator Warner this weekend about his bipartisan legislation that strengthens oversight of the taxpayer investments in private companies such as General Motors, AIG and Citibank.
07/27/09 -
Summit on Broadband Access
In an ongoing effort to make sure Virginians maximize federal funding opportunities available through the economic recovery package, Senator Warner hosted the "Virginia Summit on Broadband Access" today at Piedmont Virginia Community College in Charlottesville.
07/24/09 -
Promoting modeling and simulation
In addition to inserting language that may help save the National D-Day Memorial in Bedford, Senator Warner was also successful in amending the Senate's defense authorization bill to include a provision that could boost Hampton Roads’ modeling and simulation industry.
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