Senator Warner spoke on the Senate floor yesterday about bipartisan legislation he has introduced with Tennessee Senator Bob Corker that will maximize returns on taxpayer investments into institutions that have received government assistance.
The bill provides a responsible exit strategy from government ownership from companies that have received government bail-outs, such as AIG, Citigroup, and General Motors, he said:
“American taxpayers deserve to have their investments managed in a way that rewards the enormous risk we took in helping these institutions. The bipartisan legislation that Senator Corker and I propose will set parameters so we can take these investments out of the federal government’s hands and ensure maximum returns.”
Out of government control: Government ownership stakes in more that 20 percent of a private company -- which, by fall 2009, will include AIG, Citigroup, and General Motors – will move into a newly created Limited Liability Corporation (LLC).
Private sector management: This trust fund will be managed in the private sector by managers who have been successful in the private market in order to maximize the return on investments.
Maximize Profits: The trust that will be managed by three independent, non-political trustees, appointed by the President, with the objective of looking at TARP-recipient companies with fiduciary responsibility to the taxpayers.
End-date: The trustees to liquidate the government’s interests by December 24, 2011, but stipulates that if the trustees feel liquidation is not in the best interest of taxpayers, they can come back to Congress at that time with their alternative recommendation.
Here is the Senator's floor statement. Click here to read the prepared text.
As the national discussion about reforming health care continues, we've launched a new page to help answer your questions and give you a chance to express your views.
In an op-ed published in the Financial Times this morning, Senator Warner argues for a single regulator to be in charge of overseeing the banking industry.
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:
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.
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:
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.
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:"
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.
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.
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.
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.
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.
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.
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.
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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