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Senate Proceeding on Apr 21st, 2010 :: 1:15:50 to 1:23:45
Total video length: 9 hours 9 minutes Stream Tools: Stream Overview | Edit Time

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Bob Corker

1:15:48 to 1:16:09( Edit History Discussion )

Bob Corker: first of all, i think we're going to end up with a bipartisan bill. i think we're going to end up with a bipartisan bill before the actual vote to notice to proceed takes place. i believe that's being led by certainly senator dodd and senator shelby. they are the point people. you can't have eight negotiators. but i believe that's where we're headed.

Bob Corker

1:15:50 to 1:23:45( Edit History Discussion )
Speech By: Bob Corker

Bob Corker

1:16:10 to 1:16:30( Edit History Discussion )

Bob Corker: so when i hear a lot of the rhetoric on the floor and other places, you know, i think it's just rhetoric. i think at the end of the day, we're going to end up with really solid bipartisan bill. i hope it's one that i can support. obviously, i'm giving input into that, but that's where i hope we end up. which leads me to this.

Bob Corker

1:16:31 to 1:16:51( Edit History Discussion )

Bob Corker: there have been folks that have come down to the floor talking about -- about us supporting wall street, republicans supporting wall street by not supporting the dodd bill in its present form. that's just ridiculous. what's happening -- and some reporter i think mentioned --

Bob Corker

1:16:52 to 1:17:13( Edit History Discussion )

Bob Corker: made comments yesterday at lunch to republicans and slammed the dodd bill. that's not true. i was very emphatic about two things. number one, republicans are not representing wall street. candidly, when i look at this bill -- and i bet my friend from delaware will actually agree with this -- there is not much in thisill that is very offensive to wall street, to be candid.

Bob Corker

1:17:14 to 1:17:35( Edit History Discussion )

Bob Corker: i mean, this bill, you know, focuses on three topics. what i have said to my colleagues is this -- is that whenever we have regulation, the big guys get bigger, right? and the small guys are the ones that end up bearing the brunt of regulation. what we all are trying to do, as senator hutchison just laid out on our side of the aisle, is to

Bob Corker

1:17:36 to 1:17:57( Edit History Discussion )

Bob Corker: make sure that this legislation deals appropriately with community bankers and manufacturers in iowa and texas and other places. the fact is that there are some issues with this bill that we need to work out, but candidly to say that republicans are representing wall street couldn't be further from the truth. there is just not much in this bill that's very offensive to be

Bob Corker

1:17:58 to 1:18:18( Edit History Discussion )

Bob Corker: wall street, to be candid. i'm not saying that we should go out of our way to be offensive, but i think anybody looking at what this bill says would know that there's not much in this bill that's that offensive. the fact is we're putting derivatives on clearinghouses, which i hope happens. i think that's a good thing. i think we need to get as much

Bob Corker

1:18:19 to 1:18:40( Edit History Discussion )

Bob Corker: of that done as possible, where if somebody's money bad, they have to put money up that day. it alleviates some of the systemic risk. we -- we deal with resolving a firm that fails. i think that's an appropriate thing to do. and hopefully we'll get consumer protection back in the middle of the road. by the way, that's a section of this bill that if it's not handled properly, it won't

Bob Corker

1:18:41 to 1:19:02( Edit History Discussion )

Bob Corker: affect the j.p. morgans and the citigroups and the bank of americas. what it will do is affect community bankers. so all we're trying to do on our side of the aisle -- and this is what i was very emphatic about yesterday -- is we're trying to make sure that this bill is in balance. and i think we can do that. but, look, there's not much in this bill that's particularly offensive to wall street, and to

Bob Corker

1:19:03 to 1:19:24( Edit History Discussion )

Bob Corker: say that those of us who want to get it right for everybody else in the country are defending wall street is just way off the mark. just not true. the second thing i would say is, there are many things in this bill that are good. there's some things that aren't so good that i think are being worked out right now. and that's typically what happens when we have a bipartisan discussion. we -- you know, each side brings

Bob Corker

1:19:25 to 1:19:46( Edit History Discussion )

Bob Corker: their particular strengths to a bill, right? i mean, we all represent sort of different points of view and when we work together, we end up with a good bill. but one of the things that does trouble me, and i was very emphatic yesteay about this, is -- and again today and tomorrownd have been for a long time -- is this bill doesn't even deal with underwriting.

Bob Corker

1:19:47 to 1:20:07( Edit History Discussion )

Bob Corker: i mean, at the end of the day, at the end of the day at the bottom of this upside-down pyramid, the crisis began because we had a lot of mortgages in this country that should have never been written in the first place. that's at the core of this issue. and then we had firms that were way overleveraged that were doing that. and then we spread the pain

Bob Corker

1:20:08 to 1:20:28( Edit History Discussion )

Bob Corker: through $600 trillion in notional value around the world. right? but it started with the fact that a lot of loans were written that shouldn't have been written, and i don't think this bill even addresses that. so i think that's a little bit of an issue. and, you know, if we come to the floor with a template that deals

Bob Corker

1:20:29 to 1:20:50( Edit History Discussion )

Bob Corker: with consumer protection, that deals with systemic risk, that deals with derivatives, i hope that my colleagues o the other side of the aisle will join in with many members on this side of the aisle to correct that. i mean, at the end of the day, if we continue to write loans that shouldn't be written and we

Bob Corker

1:20:51 to 1:21:11( Edit History Discussion )

Bob Corker: continue to securitize them and if we continue to spread them around the world, we haven't done much in this legislation. so have i been emphatic about that and have i wanted these two pieces of the legislation in balance as it relates to the rest of the country and making sure that our underwriting is done appropriately? do i believe that those are

Bob Corker

1:21:12 to 1:21:32( Edit History Discussion )

Bob Corker: things that are important? yes. do i think we're going to address those? i hope so on the underwriting. i hope so. i'm not sure. i can't tell if people are really willing to make sure that americans across this country have to live in a semidisciplineed way as it

Bob Corker

1:21:33 to 1:21:54( Edit History Discussion )

Bob Corker: relates to mortgages. i'm not sure. i hope we get someplace there because i think it's important. i think though, in closing, let me come back and say in spite of all the rhetoric about bailouts and not bailouts and this wall street and not wall street, i think that what's happening in rooms and offices around this -- this hill, i think negotiations

Bob Corker

1:21:55 to 1:22:15( Edit History Discussion )

Bob Corker: are taking place that are going to get to us a place where we at least have a template, a piece of legislation that can be embraced in the beginning in a bipartisan way. and then what i hope will happen, and i know my friend from delaware is going to be highly engaged in this because i know he's been focused on this for a long time, what i hope

Bob Corker

1:22:16 to 1:22:37( Edit History Discussion )

Bob Corker: happens after that, after we get this base template together, is we have a vigorous debate on this floor about where we need to go from there. there's some other pieces, there may be that -- i would actually consider them to be central, okay? but i'm okay with legislation coming to the floor where we have a balance between resolution, derivatives, and

Bob Corker

1:22:38 to 1:22:58( Edit History Discussion )

Bob Corker: consumer protection, and then let's go from there and let's have -- let's have the kind of debate that i think our country would love to see us have in public, focused not on rhetoric, because this is one of those issues where we've got plenty of substance, right? but on substance. and let's -- let's do something that will stand the test of time. i think we're going to do that. as a matter of fact,

Bob Corker

1:22:59 to 1:23:20( Edit History Discussion )

Bob Corker: mr. president, i know my time is up, i think that thi bill, this bill has the in the next few days, and once we begin to debate on the floor, which i pe will happen in a bipartisan way, i think this bill is potentially the beginning of us

Bob Corker

1:23:21 to 1:23:41( Edit History Discussion )

Bob Corker: being able to function in an appropriate way in this body. that's what i hope happens. that's why for -- for weeks and months i've been saying that i think at the end of the day, we're going to end up with a bipartisan bill. i hope, i hope it has some important elements in it, like the ones i just mentioned, tt will allow me to support it. whether that happens -- i hope it happens.

Bob Corker

1:23:42 to 1:23:45( Edit History Discussion )

Bob Corker: whether that happens or not, i hope we have a vigorous debate

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