Congress never gets it right, when you’re looking at massive reform legislation the first time through. You directionally head in an area and then you come back, two years, three years hence to do a corrections legislation.He added that he had issues with the law, but he dismissed the idea of repealing it altogether.
He also provided some ideas for improving Dodd-Frank. They included basing the Volcker Rule more on principles than rigid rules; tightening up the resolution authority mechanism to ensure it’s the absolute last resort for a failing financial firm; and revisiting derivatives reforms and transparency goals.
Watch a video of Warner addressing the Bipartisan Policy Center.