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Senate Proceeding on Apr 15th, 2010 :: 0:37:50 to 0:51:00
Total video length: 9 hours 55 minutes Stream Tools: Stream Overview | Edit Time

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Bob Corker

0:37:45 to 0:38:05( Edit History Discussion )

Bob Corker: a senator: madam president? the presiding officer: the senator from mr. corker: i ask permission to vitiat the quorum. the presiding officer: without objection. mr. corker: madam president, i come to the floor today to talk about financial reform. i know we have a number of issues before the body right now and it will be a couple of weeks, maybe three, before this body takes up what i think is a

Bob Corker

0:37:50 to 0:51:00( Edit History Discussion )
Speech By: Bob Corker

Bob Corker

0:38:06 to 0:38:27( Edit History Discussion )

Bob Corker: very important piece of legislation, financial reform. it's something that the banking committee has been having hearings on now for about a year and a half. it's an issue that i think is very important to our country and to americans from all walks of le. madam president, at present the bill that has come out of the

Bob Corker

0:38:28 to 0:38:48( Edit History Discussion )

Bob Corker: coittee is a partisan bill. it came out of committee on a 13-10 vote. it came out of committee, believe it or not, of 1,036 page bill came out in 21 minutes with no amendments on party line vote and no debate. madam president, i could talk a lot about dysfunction and

Bob Corker

0:38:49 to 0:39:10( Edit History Discussion )

Bob Corker: activities on both sides of the aisle that may have put us where we are today, but the fact is we have a very important piece of legislation that is getting ready to come before this body and it's one that i believe we need to deal with in a bipartisan way. the stated reason, madam president, that we handled the

Bob Corker

0:39:11 to 0:39:31( Edit History Discussion )

Bob Corker: bill the way we did in committee a few weeks ago, the stated reason by the chairman of the committee not to have amendments, not to debate the?? bi, was to -- after the bill came out of committee was to negotiate a bipartisan bill before it came to the floor and

Bob Corker

0:39:32 to 0:39:52( Edit History Discussion )

Bob Corker: then have a debate on some of the smaller issues. madam president, there's been a lot of rhetoric flying around here over the last couple of weeks. some of which came from the white house. some of which came -- some of it came from democratic leadership. some of it came from our side of the aisle. and it's evident that that's what's happening right now that

Bob Corker

0:39:53 to 0:40:14( Edit History Discussion )

Bob Corker: instead of seeking a real bipartisan bill, what's happening is one member, two member -- two members on the republican side are being reached out to try to snag somebody and to make that, in fact, a bipartisan bill. madam president, that is not my understandin bipartisan bill is.

Bob Corker

0:40:15 to 0:40:36( Edit History Discussion )

Bob Corker: and that certainly was not my understanding as to why the bankingommittee handled the bill the way that we did. again, i want to say one more time, a 13,036 page bill coming out of committee with no amendments. the reason that was done or the stated reason was so that the

Bob Corker

0:40:37 to 0:40:57( Edit History Discussion )

Bob Corker: two sides wouldn't harden against each other and that before the bill actually came to the floor, we would reach a true bipartisan amendment. madam president, i came here to try to solve problems for our country and put in place good policy. i think everybody in this body know that i have worked hard, along with others, on our side

Bob Corker

0:40:58 to 0:41:19( Edit History Discussion )

Bob Corker: of the aisle to reach a real, solid, good bipartisan bill. a bill that ends too big to fail. i think everybody in this country on both sides of the aisle, of all walks of life wants to ex pong from the american -- ex pong that any company is too big to fail. the bill that has come out of committee tried to address that

Bob Corker

0:41:20 to 0:41:40( Edit History Discussion )

Bob Corker: and there are many, many good provisions in the bill under the title of orderly liquidation in order to deal with that. but what happened at the end the treasury got involved, they wanted to create some flexibility for as any agency or administration would like to have.

Bob Corker

0:41:41 to 0:42:02( Edit History Discussion )

Bob Corker: but in creating that flexibility, that fall on the runway as some would call it, what's happened is we actually have a bill that doesn't end too big to fail. and it's my bleer, and i had a -- belief, and i had a colloquy with my friend, senator warner, it is my chief we can

Bob Corker

0:42:03 to 0:42:25( Edit History Discussion )

Bob Corker: solve that in about five minutes, maybe it's 15, maybe it's 306789 but there are provisions that we know could fix this piece of legislation so that it ends any chance of a company seeping through, if you will, and actually being bailed out. and my guess is, madam president, if we -- again, if we sat down as adults, we could solve that problem. as a matter of fact, i think

Bob Corker

0:42:26 to 0:42:47( Edit History Discussion )

Bob Corker: some of that activity, some of those discussions actually began yesterday. i think all of us want to make sure that consumers are pro teghtd. there's no question both sides of the aisle understand that in many ways there needs to be more transparency. there needs to be more accountability. and, madam president, i had some great negotiations with senator dodd from connecticut.

Bob Corker

0:42:48 to 0:43:08( Edit History Discussion )

Bob Corker: we reached a middle ground. i'll say that again. we reached a middle ground. we have an understanding that leadership on our side of the aisle was in agreement with. and, madam president, what i would say is, let's get back there. let's get this consumer protection, let's get this new agency back in the middle of the road.

Bob Corker

0:43:09 to 0:43:29( Edit History Discussion )

Bob Corker: let's protect consumers and let's make sure at the same time that it doesn't undermine the safety and soundness of our financial system. we can do that. we can do that in two or three or four days. it can be done. it's not that complicated. we've worked through many of the issues. on derivatives, madam president, i could not agree more that we

Bob Corker

0:43:30 to 0:43:51( Edit History Discussion )

Bob Corker: need to make sure that we use to the that the senate we can clearing houses to make sure that when companies are trading in kerrive tifs and -- kerrive tifs and money bad, they get even, they put up cash to make sure that they're not money b so that we don't end up in the same position that we were when

Bob Corker

0:43:52 to 0:44:12( Edit History Discussion )

Bob Corker: a.i.g. had not done that, had not triewd up on a detail -- trued up on a daily basis and they found themselves with huge liabilities that they could not own up to which destabilized our financial system. that's not where we need to be. but, madam president, we know what we need to do. look, this is a very complex piece of legislation.

Bob Corker

0:44:13 to 0:44:33( Edit History Discussion )

Bob Corker: there's no doubt. and it's intellectually challenging to try to work through it and try to make sure that you don't have unintended consequences by not fully seeing what a piece of legislation in the senate might do. the fact is we can do this. this is not that heavy. madam president, it's my understanding that the chairman

Bob Corker

0:44:34 to 0:44:55( Edit History Discussion )

Bob Corker: of the banking committee, the chairman of the banking committee plans to bring this bill forward on april 26th, maybe a week later. it's my understanding that we may deal with other issues. maybe it's the first week of may. what i would say to everybody in this body and anybody w may be watching, we can easily, we can easily

Bob Corker

0:44:56 to 0:45:17( Edit History Discussion )

Bob Corker: reach a bipartisan consensus on this. we just have to have the ability to sit down and do that. and what i would say to my friends on the other side of the aisle, i consider it not a good-faith effort, not a

Bob Corker

0:45:18 to 0:45:38( Edit History Discussion )

Bob Corker: good-faith effort to instead of sitting down with the principals involved in this since day one, the ranking member of the committee, the people on the committees, instead of sitting down with them to try to work through these issues and create a template on the floor, a template -- it doesn't have to address every single issue, but a template on the floor that deals with, instead of doing

Bob Corker

0:45:39 to 0:46:01( Edit History Discussion )

Bob Corker: that, reaching out and trying to find one person, one person to come over, i don't consider that a good-faith effort, i'm sorry. i hope that that type of activity will end. that is not, that is not what has been stated as to how we can reach a bipartisan bill.

Bob Corker

0:46:02 to 0:46:22( Edit History Discussion )

Bob Corker: let me go back to the template. this is complex, this piece of legislation. to me, what we need to do is sit down together. we could have it done in a week, as i mentioned. sit down together and work through the main issues in this template. let's deal with derivatives,

Bob Corker

0:46:23 to 0:46:44( Edit History Discussion )

Bob Corker: let's deal with the consumer, let's deal with systemic risk and the systemic risk council. let's deal with orderly liquidation. then there are going to be some issues that i promise you, members on our side of the aisle, there is no way we could reach agreement on in our own caucus, and i know there are issues on the other side of the aisle, that there is no way their caucus could reach consensus on some of the issues.

Bob Corker

0:46:45 to 0:47:06( Edit History Discussion )

Bob Corker: having to do with governance. having to do with some of the securities issues that may exist in title ix. and let's debate those issues on the floor. my guess is that if we did that, there are going to be some amendments adopted that i don't think were particularly good ideas. there will be some amendments adopted that my friends on the other side of the aisle would not think are particularly good

Bob Corker

0:47:07 to 0:47:27( Edit History Discussion )

Bob Corker: ideas, but at the end of the day, we would have come to the floor with a template that on the big issues we have bipartisan agreement, and then we can have amendments to debate here on the floor. some of the other issues that maybe details that don't change the entire bill but

Bob Corker

0:47:28 to 0:47:48( Edit History Discussion )

Bob Corker: address the issues that members in this body think are important. so let me say one more time, madam president, i consider it an honor to serve in this body. i have enjoyed more than any issue we have dealt with trying to reach a consensus on this financial regulation bill. there is plenty of fault to go around on both sides of the aisle that does not need to be

Bob Corker

0:47:49 to 0:48:10( Edit History Discussion )

Bob Corker: rehashed at this moment. the fact is we are where we are. we're getting ready to deal with a major piece of legislation. the good i can say is there is numbers of people on both sides of the aisle that have spent a lot of time trying to understand the complexities of these issues. i'm actually really proud of the work that members on both sides of the aisle have done to try to

Bob Corker

0:48:11 to 0:48:31( Edit History Discussion )

Bob Corker: understand these issues in a real way. so let's get those folks together. let's sit down, let's work out this template. let's bring a real bipartisan bill to the flo. not a bill where you go out and you make a deal with one person andring him over.

Bob Corker

0:48:32 to 0:48:53( Edit History Discussion )

Bob Corker: maybe there is other things going on at the same time. that's not what i call a bipartisan bill. let's bring it to the floor, let's debate it, let's do what the people all across this countr have elected us to do. let's come to the floor and let's act like adults. let's tone down the rhetoric. let's don't exaggerate the

Bob Corker

0:48:54 to 0:49:14( Edit History Discussion )

Bob Corker: pluses or the minuses. let's do what the senate was created to do. we were supposed to be the cool heads. we were supposed to be the people that took some of the red hot activities that sometimes canome from the other body and sat down with resolved these issues like adults.

Bob Corker

0:49:15 to 0:49:35( Edit History Discussion )

Bob Corker: we can do that. as a matter of fact, i would say if we cannot do that on financial regulation, an issue that really doesn't have any real philosophical bearings to it. i mean, there are some differences in points of view, but at the end of the day, we all want to make sure that we address financial regulation in

Bob Corker

0:49:36 to 0:49:57( Edit History Discussion )

Bob Corker: an important way, that we do what we can to the system without stifling innovation. i think everybody still wants this country to be the world leader, to be the world leader in financial innovation, but we want to do so in a manner that doesn't create risk, that doesn't upset our economy, that doesn't have periods of time

Bob Corker

0:49:58 to 0:50:19( Edit History Discussion )

Bob Corker: where we have such risk and instability that people are unemployed. we all want to do that. so, madam president, i would say to my friends on the other side of the aisle, i believe a commitment was made. i took it as a real commitment that after this bill came out of

Bob Corker

0:50:20 to 0:50:40( Edit History Discussion )

Bob Corker: committee, we were going to sit down like adults and reach a bipartisan agreement on a template that would be brought to this floornd -- floor and debated like adults. i took that as a commitment. i expect that commitment to be honored. i look forward to that process beginning. thank you, madam president. i

Bob Corker

0:50:41 to 0:51:01( Edit History Discussion )

Bob Corker: quorum. the presiding officer: the clerk will call the roll.

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