Mark R. Warner
U.S. Senator from the Commonwealth of Virginia
As a member of the Senate Banking Committee, Senator Warner is involved in efforts to oversee the financial services, banking, and housing industries. He is engaged in hearings, meetings, and legislative efforts to maintain effective regulation and financial stability while fostering economic recovery.
Senator Warner's Progress:
- On September 27, 2012, Senator Warner led a letter with 52 other Senators to the banking regulators. The letter expressed concerns that the proposed rules on Basel III regulatory capital ratios, capital adequacy and transition provisions did not take into account considerations for different business models or size of institution.
- Senator Warner introduced S. 2223 on March 22, 2012 with Senators Crapo, Toomey, Hagan, Carper and Corker. The bill intends to provide certainty about when the Volcker rule will be enforced. The language clarified that the Volcker Rule will be fully implemented two years after the agencies issue their final rules, rather than two years after Dodd-Frank was signed into law.
- In 2011, Senator Warner was appointed chair of the Banking Committee's Subcommittee on Security and International Trade and Finance, which oversees exports and foreign trade and international economic policy. Senator Warner has held subcommittee hearings during 2011-2012 addressing:
- The European Debt and Financial Crisis
- The G20 and Global Economic and Financial Risks
- Stakeholder Perspectives on Reauthorization of the Export-Import Bank of the United States
- Reviewing the U.S.-China Strategic and Economic Dialogue
- In September 2010, the Senator advocated that banking and credit union regulators take a balanced regulatory approach to small business lending as the economic recovery gained momentum. He sent a letter with 10 other Senators advocating that regulators provide guidance to supervisory staff regarding loan portfolios and small business loan workouts due to reduced cash flows and collateral values following the crisis.
- Throughout 2009 and early 2010, Senator Warner teamed up with Tennessee Republican Senator Bob Corker to work-out a bipartisan proposal to end the notion of "too big to fail" and to put in place tools that will allow regulators to identify and liquidate large financial companies which could be dangerous to financial stability if they were to default. Their proposal was included in Senate Banking Committee Chairman Chris Dodd's financial regulatory reform draft legislation, which was introduced in March 2010.
- In November 2009, Senator Warner introduced legislation to create an independent council to monitor systemic risk. He published an op-ed in the Washington Post in June 2009 outlining the details of the council.
- In July 2009, Senator Warner introduced the Resolution Reform Act of 2009, bipartisan legislation 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.
- In June 2009, Senator Warner introduced the TARP Recipient Ownership Trust Act of 2009, another piece of bipartisan legislation with Tennessee Senator Bob Corker to maximize returns on taxpayer investments into institutions that have received government assistance.
Recent News on Financial Reform
Here is what Senator Warner has been doing recently regarding financial reform:
July 2012
- 07/31/12 -Fannie, Freddie should reduce mortgages for responsible homeownersSenator Warner expressed disappointment today that the director of the government-supported home mortgage companies Fannie Mae and Freddie Mac still declines to allow targeted write-downs on delinquent mortgages. Federal Housing Finance Agency director Ed DeMarco has said he sees no benefits for the taxpayers through loan modifications that write-down debt.
- 07/17/12 -Waiting for Congress = Waiting for Godot.Federal Reserve Chairman Ben Bernanke on Tuesday delivered his twice-a-year testimony to the Senate Banking Committee. The Fed Chairman nodded in agreement when Senator Warner noted that a $4 trillion reduction in the federal debt over 10 years is relatively modest compared to the austerity being asked of citizens in the U.K. and across Europe.
September 2011
- 09/23/11 -The European debt crisis & what it could mean for usAs finance chiefs from around the world turn-up the heat on Europe to do more to prevent Greece's debt crisis from infecting the world economy, Senator Warner chaired a Banking subcommittee hearing to hear from a range of experts about what the crisis could mean for the struggling U.S. economy.
July 2011
- 07/20/11 -Bipartisan House Support for Gang of Six ProposalSupport is growing for the Gang of Six deficit and debt reduction plan. Northern Virginia Republican Congressman Frank Wolf and Tennessee Democrat Jim Cooper are asking House Speaker John Boehner applauding the plan and calling for the “full and immediate attention of the House of Representatives.”
- 07/20/11 -What they're saying about the Gang of Six planHere’s some reaction to the Gang of Six deficit reduction plan. Senator Warner, a leader of the Gang of Six group, has been working across the aisle to reduce the deficit and preserve entitlements since last year.
March 2011
- 03/15/11 -Announcing the BUILD ActU.S. Sens. Mark R. Warner (D-VA), Kay Bailey Hutchison (R-TX) and John Kerry (D-MA) announced today they will co-sponsor The BUILD Act creating a new infrastructure bank to help finance infrastructure projects. The BUILD Act, which will help close America’s widening infrastructure gap, create jobs throughout the next decade, and strengthen America’s competitive position, has the support of the AFL-CIO and the U.S. Chamber of Commerce.
February 2011
- 02/11/11 -Town hall in CharlottesvilleSenator Warner had a great conversation yesterday with employees at the State Farm operations center in Charlottesville. Employees were interested in his thoughts on government regulation and the economy, and the Senator also talked about his efforts to form a bipartisan coalition of colleagues to tackle the budget deficit and our nation’s spiraling debt.
September 2010
- 09/08/10 -Taking "wonky" questions at JMUSenator Warner started the day off talking business with business and finance majors at James Madison University's Forbes Center for the Arts.
August 2010
- 08/05/10 -Boosting U.S. manufacturingIn the past decade or more, the United States has produced more financial engineers than industrial engineers, and our nation's lack of a coherent manufacturing strategy is threatening our ability to compete.
July 2010
- 07/21/10 -Protecting consumers and promoting growthSenator Warner joined President Obama and other Congressional leaders today at the bill signing ceremony for historic financial regulatory reform legislation he helped craft as a member of the Senate Banking Committee. The new law, which comes almost two years after the almost-collapse of the nation’s financial system, has been described as the most ambitious overhaul of financial regulation in a generation.
