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I'm looking back everybody good morning the next big battle in Washington is over Wall Street believe it or not the timing.
We're all these charges against the Wall Street giant Goldman Sachs is perfect it faces fraud charges from the feds and Goldman strongly denies any wrong doing.
But -- a bipartisan.
Bill be reached especially after that huge battle over health care.
A supporter of reformers -- -- -- democratic senator Mark Warner out of Virginia and a member of the Senate banking committee and senator thank you for your time and good morning.
Odd to you don't do you think this bill is good for America at the moment.
I think it -- wrong.
Move forward let's face it eighteen months after we came to the edge of financial meltdown.
We tried to put together a bill bipartisan bill that will make sure taxpayers are never exposed that we can make sure we've got financial rules of the road -- And that American can remain the innovation and you know capital markets capital for that.
For the whole world so I -- -- clueless that probably as an eruption I just wanna cut through a couple things in the short time when -- -- that -- that was -- yes as it stands right now.
Yeah -- -- no way to improve the bill.
And if -- people got specific concerns let's let's debate and see if we can improve but there are some ideas -- Bob -- Republican from Tennessee and I've been working on.
That can improve the bill I think it's a giant step forward.
Coworkers interesting you mention his name and you guys been working on this thing together you're the Democrat he's the Republican -- over a year -- -- he says there's not fitted the bill right now the cracks down Wall Street.
This corporate right.
When he said yesterday I was with him on the floor was he's got some concern to -- the can be fiction about five minutes.
I actually think there's a lot to crack down with an entire capital requirements for bank.
We put in funeral plans have have to be approved by the regulators we can unwind them and in bankruptcy with a strong -- resolution process in place it says.
If you've got to get resolved and -- firm gets into trouble it's gonna go out of business this is going to be that that's sentence for the firm and its shareholders.
So you're saying that there is it that there is no protection in this bill to make sure that big banks -- the companies don't go -- there's no bailout for tell him.
Now what we put in place and actually sort of -- spoke about -- eloquently on the floor yesterday.
We thank you gotta keep the lights on so that we can liquidate these firms and Norman man.
We suggested that that fund ought to be refunded by the industry.
If there's a different way where you borrow from attack -- from the treasury and taxpayers might be exposed to that's -- the Republican leader wants you know we ought to look at it.
But what we want to do is we want to make sure that these firms that get in trouble.
Got a lot of this guy guy -- -- I just went every which your colleague is saying in.
On another network earlier today.
Repeating the bill is anything but tough on Wall Street.
There's nothing in this bill that's tough on Wall Street to act like this is tough on Wall Street bill is laughable.
Look I like this.
I was with my colleague yesterday we drafted this section together there ways we can -- -- more.
But you wouldn't see Wall Street so -- -- parts of this bill that the white -- on Wall Street.
I am holding an article here from September of 1999 in the new -- cards.
The title is Fannie Mae eases credit to -- mortgage lending.
The article is only a page and a half but they they went to that critics of the bill that was passed.
He changed the rules for how Americans re able to get loans in September of ninety talk about -- 1999 when we have basically allowed Wall Street firms also -- all.
That -- readynas prohibits this.
It's probably as it -- us is that family and everybody just get my point -- here.
Every point -- they raise about the changes that were made to the government run agencies of Fannie and Freddie back then.
Have come true ten years later.
So so justice will also rates on one hand we invest in this is on the other -- the banking function.
I don't -- -- -- -- this -- an -- -- -- will what is in the bill to make sure that Fannie and Freddie don't -- America down the -- again.
One of the things we're gonna look at and one of the things that's in the bill.
If we've got to look better underwriting standards so that we're not making bad loans out -- folks whether -- originated by Fannie whether originated by the banks.
We've got to make sure that financial products to -- originate and you've got some skin in the game that we didn't happen asked if bill moves forward on -- subject.
Senator hope you're right Mark Warner effects are coming on today the -- get out of west out of out of Virginia part pardon me -- -- hope to get Bob Corcoran later this week to senator thank you again.
-- from the thank you are.
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