The derivatives market has exploded in recent years, with investment banks selling billions of dollars worth of these investments to clients as a way to off-load or manage market risk.
But Mr Buffett argues that such highly complex financial instruments are time bombs and "financial weapons of mass destruction" that could harm not only their buyers and sellers, but the whole economic system.
In 2010 - after derivatives caused a depression - the Senate proposed a bill regulating derivatives. Now what?
Warren Buffett sought a provision that would exempt previously written derivatives contracts from proposed rules on collateral, according to a Democratic aide speaking on condition of anonymity. Berkshire owns derivatives tied to about $63 billion in assets.
Warren Buffett certainly has the right to advocate against legal reform. We certainly have the right to recognize him as a villain rather than a folk hero. We also have the right to recognize that any media attempts at portraying Buffett as "Uncle Warren" are propaganda.