Warner Plays Major Role in Financial Reform Legislation
Senator Mark Warner is playing a major role in one of the most important pieces of legislation up for consideration in Congress this year. Manuel Quinones reports from WCVE's Capitol Hill Bureau in Washington.
Ever since the financial meltdown -- Americans have been debating government bailouts and the growth of financial corporations deemed ‘too-big-to-fail.’
That’s why Senate Banking Committee Chairman Chris Dodd of Connecticut tasked Warner with helping craft a plan to deal with those specific issues.
WARNER: Colleagues from both sides of the aisle have worked literally hundreds of hours, months and months trying to get this right.
Critics say the Democrats’ financial reform bill is not tough enough on Wall Street. They say it may end up encouraging bailouts. Warner says the legislation creates a tough system to deal with troubled financial giants.
WARNER: We put in place a resolution process that basically is a death sentence for these firms. Shareholders would be wiped out, management would be wiped out and these firms would go away.
Democrats are looking to bring the bill to the Senate floor this week.
From Capitol News Connection – Manuel Quinones – WCVE News, Washington.