Sen. Warner: Democrats will take on Fannie and Freddie reform next year

Democrats plan legislation to reform mortgage giants Fannie Mae and Freddie Mac next year, Sen. Mark WarnerMark Robert WarnerSunday shows preview: CDC signs off on 'mix and match' vaccine boosters Overnight Energy & Environment — Presented by the American Petroleum Institute — Biden seeks to quell concerns over climate proposals Overnight Energy & Environment — Presented by the American Petroleum Institute — Intelligence report warns of climate threats in all countries MORE (D-Va.) said Monday.

Warner, a member of the Senate Banking Committee, said that the panel's chairman, Sen. Chris Dodd (D-Conn.), had put in motion a process to address the government-run enterprises next year.

"This is a big, massive bill as it is," Warner said during an appearance on CNBC. "He's [Dodd] put in place an effort to try to come back next year. He won't be here, but we'll come back next year and take on Fannie and Freddie in a more thoughtful way."

Republicans have complained that reforming Fannie and Freddie must be an essential part of the effort to overhaul the nation's financial regulations. Sen. Richard Shelby (Ala.), the top Republican on the Banking panel, will offer an amendment this week to include them in the financial reform bill.

"Fannie and Freddie have to be addressed up front and now," Sen. Judd Gregg (R-N.H.) said alongside Warner on CNBC. "And the amendment we've put forth ... do [sic] it. I hope it'll be voted for and voted positively on."

The firms were taken into government conservatorship at the height of the financial crisis in 2008. While the firm has needed billions in government reform, Republicans have accused the Obama administration of using them as more of a public policy instrument to support mortgages and homeownership.

Warner acknowledged the seriousness of the firms' situation in relation to financial reform.

"I think it's a fair claim to make to say we haven't done enough to address Fannie and Freddie," he said. "It is the big elephant in the room that hasn't been addressed."