Audio clip
Sen. Bob Corker
Audio clip
Scott Smith
U.S. Sen. Bob Corker said Thursday he is eager to help craft a bipartisan banking reform package because uncertainty in the financial world is hurting the economic recovery.
“Just the fact that financial institutions are unsure what the ground rules are going to be in the future has a stifling effect on credit,” Sen. Corker, R-Tenn., said during a conference call with Tennessee reporters.
“If we can establish the ground rules, put this behind us and do something that will stand the test of time, that would be good for the economy of Tennessee and the economy of our country,” he said.
Sen. Corker, one of the newest members of the Senate Banking Committee from the minority party, began negotiating with Senate Banking Committee Chairman Christopher Dodd, D-Conn., over the weekend to develop a financial reform package that both Democrats and Republicans could support.
Scott Smith, president and chief operating officer of Northwest Georgia Bank, said reform will help stabilize the financial industry.
“We’re in a phase that on the one hand the government kind of tells you banks need to be making loans to get us out of this economy, and on the other hand federal regulators are coming up and smacking them all on the hand saying, ‘You guys need to tighten up,’” Mr. Smith said.
Attempts to craft a bill locked up last week when Sen. Dodd hit an impasse with U.S. Sen. Richard Shelby, R-Ala., the committee’s top Republican, in talks that had dragged on for more than a year over proposed bank and capital markets oversight.
The U.S. House approved financial reform legislation in December and President Barack Obama has made banking reform one of his top legislative priorities.
“I am more optimistic than I have been in several weeks that we can develop a consensus bill to bring about the reforms the financial sector so desperately needs,” Sen. Dodd said in a statement on his dealings with Sen. Corker.
Sen. Dodd called Sen. Corker “a serious thinker and a valuable asset” to the Senate, so he called him this week to try to hammer out the details of a financial reform plan.
A year ago, Sen. Corker tried to negotiate contract and creditor concessions to help General Motors and Chrysler without the federal funds ultimately provided through the Troubled Asset Relief Program.
Sen. Corker declined to discuss details of the talks with Sen. Dodd, but he repeated his opposition to TARP and the federal bailout of failing businesses.
He said he hopes a package can be put together for markup by the Senate Banking Committee in early March.
Sen. Corker’s negotiating role as a junior member of the banking panel is unusual, but the Tennessee senator said he is staying in touch with Republican leaders in the Senate.
Bankers say they are anxious to know the rules of the regulatory road ahead.
Sen. Corker already has been working with Sen. Mark Warner, D-Va., to develop a process to cope with the failure of large banks so if they run into trouble, there isn’t collateral damage to the financial markets.
Lots of hot AIR. My question is: what are you guys doing in Washington? I used to be a diehart Republican conservative who voted for you all of you republicans since Gerald R.Ford.No more Republicans in my life.I hear from you and all republicans nothing but negativism. Better you folks tend to the WELFARE of this NATION because we the hard working, tax paying citizen have had enough of your empty promises.During your campaign, I recall you saying you will be in Washington to change things, and here you are joinging the filibuster. This Nation is collapsing from within and you folks are jockeying for your next re-election. Trust me Senator, neither you, nor ex Zack or any other republican SHALL GET MY VOTE. Enough already. You should do best to come back home to your business and let capable COMMON SENSE hard working others go to Washington to defend the interests of us POOR TENNESSEEANS. Thanks for nothing Sir. My respects!
Corker is lier and has been since he was in local politics. he lied and sold property to walmart that was a state protected wildlifre preserve but since he was in charge he got papers signed so he could profit. he rented office buildings to the federal government for years. The office complex at eastgate the 600 bld and such. So when he ran for office he to a compnay his relative is in charge of so theree would be no conflict of interest. He is for lining the pockets of himself and other republican peoples that have mnoney and keep the working class working and taxed with nothing in return so he can get his butt fatter. Read hi recent statements on programs for the genral welfare of tax payers. like all republicans they scream cost and how bad democrats are but you never hear a democrat sayinbg if you want this you don't have to pay for it. Instead we the democrats will give you this but it has to be paid for thru taxes. republicans will givde it to but you never know you were taxed to help cover of corporations paying no business taxes at all, case in point look at exxon they paid zero taxes on the billion dolars in profit they made of the last few years simply because the government gavce them tgax breaks that equel zero taxes. I say get rid of the freedom terrorist Corker and all his cronies. We got rid of one last fall now get ridd of the rest of the republican thieves.
"get rid of the rest of the republican thieves."
Agreed - and while we're at it, get rid of democratic thieves as well.
Bob Corker is trying to find a middle ground, unlike Senate Banking Committee Chairman Richard Shelby who is even putting a hold on confirmation of presidential appointees. As a relatively new member of the Senate, Corker is trying to get an agreement on key elements to avoid another financial disaster from unregulated financial giants that threaten our economy without imposing burdensome rules that could limit the availability of credit. Corker isn't just trying to score partisan points.
Or login with:
New Account