Anjon Roy from the Metro DC / Northern VA group will be meeting with the staff of VA Senator Mark Warner. The staff members will be those that focus on financial re-regulation. Please sign onto the position letter we will deliver to Senator Warner in the comments or email anjonroy@gmail.com

As we have limited time, it is critical that we stay on message. Though there are many highly worthy issues to talk about and many great approaches, we have decided that this would be the most strategic approach to this particular Senator, based on his public statements, investigative research, pending legislation, and limited time.

The meeting will be at 11:30am this Wednesday November 18 in Washington DC. Please email anjonroy@gmail.com if you are interested in coordinating. Virginia residents only please.

Here is some key background on the Senator:

· Member of the Banking Committee
· Close relationship with Banking Committee Chair Chris Dodd (D-CT) going back to the early 1980s when he served on Dodd’s staff
· Has sponsored some (small) bi-partisan bills on financial re-reg. with Senator Bob Corker (R-TN) and is continuing to work closely with him

Some of his known stated positions on financial re-reg. are as follows:

· Critical of regulatory arbitrage where banks shop for the least stringent regulatory framework
· In favor of consolidating the OCC & OTS with the supervisory duties of the Fed & FDIC into an independent single banking regulator
· Supporter of a “systemic risk council”, similar to the DOD Joint Chiefs. Skeptical of significantly increasing the concentration of power at the Fed
· Seems to be favorable to OTC-derivatives legislation without exemptions/carve-outs.
· Is somewhat skeptical of the CFPA, especially with regards to its interaction with other regulators, and the complexity of setting up a brand new government agency

The Agenda for the meeting will be as follows:

1. Push on CFPA with no major exemptions
2. Push for strong TBTF regulation for tier 1 FHCs
a. Ask him to support the Sanders bill to break up the banks or sponsor a similar bill of his own (Bold. He probably won’t go for this, but good to try and see if he takes a lesser position below)
b. Short of that, ask him to support a highly progressive, size-weighted capital and liquidity requirements that will incentivize the large banks to voluntarily break up (somewhat of a stretch depending upon how aggressive the “progressive requirements” are).
c. 21st century Glass Steagall separating traditional banking from investment banking. Explicit government support extended only to Depository institutions. This includes not only FDIC guarantees, but also access to the Fed discount window and other Fed support programs (probably doable).
3. Make sure he’s definitely on board with comprehensive OTC-derivative regulation (no exemptions, through an exchange, possibly consolidating the SEC and CFTC)