U.S. Sen. Bob Corker said Monday he’s optimistic there will be a banking bill that addresses the idea that financial institutions are too big to fail.
“I can’t imagine there are many Americans who don’t want to see us create a mechanism so when large institutions fail, they actually fail,” said the Chattanooga Republican.
Speaking at the Volkswagen plant site, he said most Americans want Congress to deal with the issue of derivatives so a company doesn’t have hundreds of billions of dollars in obligations it can’t meet and put the financial system at risk.
Sen. Corker has begun negotiating with Senate Banking Committee Chairman Christopher Dodd, D-Conn., to develop a financial reform package that Republicans and Democrats can support.
Sen. Corker, who Monday made several stops in East Tennessee, said the financial system wasn’t as regulated as well as it should have been.