Sen. Mark Warner played a key role in writing the financial reform bill that President Barack Obama signed Wednesday.

As a junior member of the Banking Committee, Warner wrote important parts of the new law.

His key components dealt with the part of the law that references how institutions were too big to fail.

Warner also wrote part of the taxpayer bailout portion for large financial firms at risk of failure.

He explains, "First, I think we put a definitive end to the notion of ever having again a taxpayer bailout of a failed financial institution. Never again should the American taxpayers or Virginians even have to hear about a financial institution being too big to fail.

"Second, we put in place clear guidelines for consumers so that, whether you're getting a new credit card, whether you're getting a student loan, whether you're taking out a mortgage, that you're going to have clear disclosure on these financial instruments and the kind of hidden fees and escalating interest rates that we've seen on some of these financial instruments will come to an end."

Obama signed into law the overhaul of banking and Wall Street regulations that he says will create the strongest financial protections for consumers in history.

He says the reforms will end many of the Wall Street practices that sent the economy into the recession, which was the worst since the Great Depression.