According to Bazhanov, Upper Chamber senators and their colleagues from the State Duma are going to start drafting laws on movable property registration, project financing, pledge simplification. Bazhanov also emphasized that these laws will cancel abolish control over clients’ cash discipline and introduce innovations in electronic data storage. “But the very first thing is to legally provide this financial model that will allow, according to President Medvedev’s address to the Federal Assembly, to live within our means but at the same time, not to block social programs,” added the senator.

Bazhanov’s interview coincided with the results of the 2011 Media Publications Contest on legislative issues of the country’s financial system. Awarding the winners, the senator stressed the vital character of the timely and trustworthy information provided to the Russian citizens “on the state and perspectives of the country’s banking system, on the Parliament’s legislative measures to stabilize the banking system in the crisis”. He highly praised the level of coordination among legislators and the media during the 2008-2010 crisis. “Only this swift collaboration allowed us to get over the crisis and the pessimism of a huge number of people who were about to flee banks en masse,” said Bazhanov.

Project Group №2