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The Senate votes to bring the financial reform bill to the floor for debate after Republicans have blocked the -- several times but will be a true bipartisan effort.
To reform the way Wall Street does business democratic senator Mark Warner also a member of the Senate banking committee joins us now from Washington good -- -- senator.
Good morning -- I guess the fourth time -- the charm.
A three times Republicans stood together along with Ben Nelson a Democrat said nope nope nope not gonna do this now it's up for debate on the floor will be bipartisan.
I sure hope so -- I spent twenty years in the business world.
And then four years as governor alarms actually measured by what we got done rather than bipartisanship.
And yeah there's nothing inherently.
Kind of Democrat or Republican about trying to put new financial rules of the road in place you know I've spent the last -- working with my good friend.
Republicans in the Bob corporate and parts of this film rights and I sure hope we can find some common ground and get a centrist bill here that set.
-- rules of the road not for the next year or so but the next week -- thirty years.
To senator Dodd and senator Shelby were working behind the scenes apparently they agreed on one thing.
At least dot agreed to take out bad bailout funds and that's what children solid credit but -- to.
-- that's that's actually -- and I listen very closely yesterday I think -- And I'm curious kind of your characterization at one.
I heard Dodd Shelby and I know you're gonna have my good friend senator Shelby on a little bit later yeah.
Where they said they didn't reach any agreement on substance and this idea remember what this -- like you can about this idea of.
Having the banks free fund an ability to unwind one of these firms actually came from a Republican Sheila Bair chairman the FDIC.
And what I mean what what's in our corporate and I and we worked on this section.
We said there were two things we wanted to make sure.
One that taxpayers were never again going to be exposed to picking up the mistakes made by Wall Street into that if you've got a financial farming crisis that you've got some money to keep the lights on C don't have an effect.
Run on the institution -- the you can unwind the institution basically.
Wiped out the shareholders wipe -- the management we've got to do it in an orderly way so the question is.
Just about the financial industry pay for that quarter we have taxpayer exposure they're different ways to cut -- -- opened out of ideas.
But I do think that characterization that some of used and we've not heard anybody that says okay if we get rid of how we put these -- out of business and orderly manner and that's what I'm interest here.
All I'm saying is that both the precedents is -- came up from dot until we can't -- they had agreed on that but they could not agree on anything else and that's why it's coming to the floor so let me ask you that's.
-- and some of the disagreement is around this consumer protection agency.
And the derivatives market.
Do you think that the Republicans -- have a voice in this since they only have 41 people there.
Absolutely I've got some.
Questions are around the consumer area how do we make sure that we -- enforcement the right way so particularly smaller community based -- you don't have.
You know consumer enforcement on Monday you know safety and sounds credential enforcement -- on Wednesday and getting conflicting advice I think we need strong consumer protection rules we you've got to have.
One voice speaking to that particular the smaller banks I think on the derivatives area you know there are areas where.
Clearly these instruments have been abused in some cases but they're appropriate uses for derivatives to hedge.
How risks so how we do it in a way that it.
If banks abuse these yes there are some draconian consequences but that we don't actually end up washing out of the value of derivatives.
Right in kind of overzealous -- the American people want to see something that Republicans and Democrats can both agree on senator Mark Warner was great to see you thanks so much.
Taking -- and we'll be right back with more.
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