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Senate Proceeding on Apr 22nd, 2010 :: 7:08:05 to 7:18:30
Total video length: 9 hours 14 minutes Stream Tools: Stream Overview | Edit Time

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Bob Corker

7:08:01 to 7:08:22( Edit History Discussion )

Bob Corker: increase once again. they certainly can do it again. i thank the chair. i yield the floor. mr. corker: madam president? the presiding officer: the senator from tennessee. mr. corker: i rise to speak today to address the financial

Bob Corker

7:08:05 to 7:18:30( Edit History Discussion )
Speech By: Bob Corker

Bob Corker

7:08:23 to 7:08:44( Edit History Discussion )

Bob Corker: regulation proposal that has been -- is before us right now actually, and i wanted to talk about some of the conversations that are taking place about our status. number one, i think everybody in this body knows that people on both sides of the aisle would like for us to come to an agreement that makes our country's financial system stronger, protects consumers,

Bob Corker

7:08:45 to 7:09:05( Edit History Discussion )

Bob Corker: and tries to ensure us against the kind of things that we've all witnessed over the last couple of years. i think on both sides of the aisle, there's tremendous, tremendous desire to see that happen. there's also been some discussions, though, about the process leading up to this. i know that the senator from nevada has talked a little bit about the fact, for instance,

Bob Corker

7:09:06 to 7:09:26( Edit History Discussion )

Bob Corker: that -- that they negotiated for -- with senator corker for 30 days. madam president, this bill is 1,400 pages lon and, you know, i think by all accounts, most people felt like we were almost completed. the analogy that's be used is we were on the five-yard line and the lights went out.

Bob Corker

7:09:27 to 7:09:48( Edit History Discussion )

Bob Corker: and somehow or another taking 30 days to try to discuss a 1,400-page bill and get it right has been discussed as taking a long time. i don't consider that a long time at all. as a matter of fact, i think it was remarkable the kind of progress we made when we actually sat down as two parties trying to reach a compromise on something that is important to the american people.

Bob Corker

7:09:49 to 7:10:10( Edit History Discussion )

Bob Corker: so i just want to say that i -- you know, there are a lot of us over here on this side of the aisle that have dealt in good faith, that have actually gone out on a limb to deal in good faith, as a matter of fact, have broken protocol in some cases to try to deal in good faith. and when statements are made as

Bob Corker

7:10:11 to 7:10:31( Edit History Discussion )

Bob Corker: if, if you try to negotiate and you get to the five-yard line but for some reason the white house and people on the other side of the aisle to go on -- decide to go on because they're losing some democrats -- which, by the way, madam president, i would assume in bipartisan negotiation, you'd lose some republicans, you'd lose some

Bob Corker

7:10:32 to 7:10:53( Edit History Discussion )

Bob Corker: democrats because you'd reach a middle-of-the-road piece of legislation. so to categorize that as making that much progress and then, well, we're losing a few democrats so we have to stop and go our own way, which has been publicly stated by my friends on the other side of the aisle as to what happened, to talk about that as if that's a problem on

Bob Corker

7:10:54 to 7:11:14( Edit History Discussion )

Bob Corker: our side of the aisle creates a little bad faith, just to be candid. i mean,or the next person who comes along and tries to work something out with my friends on the other side of the aisle and this happens, this happens, i think it's going to discourage that from happening in the future. 10 i hope we will tone down those kind of -- so i hope we will tone down those kind of things. and then to talk about the fact

Bob Corker

7:11:15 to 7:11:35( Edit History Discussion )

Bob Corker: that we went through a committee with this bill. madam president, we had a -- again, at the time, it was only a 1,336-page bill, it's expanded since that time, but we voted this bill out of committee in 21 minutes with no amendments. this was not a real vote. and the understanding that we

Bob Corker

7:11:36 to 7:11:56( Edit History Discussion )

Bob Corker: all had was -- the understanding we all had was that, that the makeup of the bking committee was such that it would be difficult to get to a bipartisan agreement there, that we might harden ourselves against each other by offering amendments. i filed 60 amendments myself, none of which were -- none of which were messaging amendments. they were all technical

Bob Corker

7:11:57 to 7:12:18( Edit History Discussion )

Bob Corker: amendments and others to try to fix this bill. but for some reason, the rules changed and we weren't going to be able to do that in committee and we didn't want to harden ourselves against each oh, and we were going to fix it before it -- each other, and we were going to fix it before it came to the floor. and now we file a motion to proceed to the bill without it being fixed before it comes to

Bob Corker

7:12:19 to 7:12:40( Edit History Discussion )

Bob Corker: the floor. it just seems like there's this litt shell game where we keep moving the goal post to such a post where -- where, again, we're going to end up with a situation where a bill comes to the floor, there's been no bipartisan consensus now, i will say this, i do think chairman dodd has tried to do some bipartisan things, and i

Bob Corker

7:12:41 to 7:13:01( Edit History Discussion )

Bob Corker: know that i personally have had an affec on this bill and i thank him for that, and i thank the work that senator -- i thank senator warner for the work that we've been able to do together and sator reed and senator gregg and others. but the fact is that we haven't reached a bipartisan agreement. so i just hope that some of the statements that are being made

Bob Corker

7:13:02 to 7:13:23( Edit History Discussion )

Bob Corker: about where we are and how we got here and the revisionist history that's being created to sort of make one side of the aisle look worse than the other side of the aisle will cease. it doesn't do any good. i mean, the fact is there are people on both sides of the aisle that want to see financial regulation take place. one of the things th think -- you know, this whole

Bob Corker

7:13:24 to 7:13:46( Edit History Discussion )

Bob Corker: notion that if you're against this bill as written, you're for wall street. and if you're for this bill as written, you're against wall street. that is an unbelievably silly argument. the fact is that i think everybody in this country knows that when major regulation takes place, the big guys always do

Bob Corker

7:13:47 to 7:14:07( Edit History Discussion )

Bob Corker: best. they have the resources to deal with compliance and all those kind of things. as a matter of fact, i doubt there are many people on either side of the aisle that are hearing much from wall street right now.who they're hearing from is -- right now. when they're hearing from is their community bankers who are coerned about a consumer protection agency that has no

Bob Corker

7:14:08 to 7:14:28( Edit History Discussion )

Bob Corker: bounds, has no veto, has no -- has no bounds. all of a sudden it's used potentially as a social justice mechanism in this country. they're concerned about that. they're probably hearing from manufacturers who actually make things and buy hedges or derivatives to make sure their material prices down the road can be hedged again so they

Bob Corker

7:14:29 to 7:14:50( Edit History Discussion )

Bob Corker: don't lose money fulfilling a contract. that's probably who they're hearing from. so, madam president, when we talk about either you're for this bill and against wall street, that's just a low-level argument. it has nothing to do with the facts. the fact is, to me, from where i sit, we've got a lot of people

Bob Corker

7:14:51 to 7:15:12( Edit History Discussion )

Bob Corker: in this body who want a good bill. and it seems to me the best way -- the best way to get to a good bill is to at least get the template of the bill agreed to in advance. to get the bill agreed to as it relates to orderly liquidation. i think everybody in this body wants to make sure if a large

Bob Corker

7:15:13 to 7:15:33( Edit History Discussion )

Bob Corker: organization or any organization in this country fails, it fails. but certainly these highly complex bank holding companies, we want to see that happens. making sure that we deal with derivatives in such a way that most of the trades go clearing house so at the end of the day people who are money bad make it money good so we don't

Bob Corker

7:15:34 to 7:15:55( Edit History Discussion )

Bob Corker: have an a.i.g.-type of situation again. and we have an appropriate end-user exclusion for manufacturers and other folks using derivatives to actually make their businesses safer. and then we want to make sure we have appropriate consumer protection. we want to make sure that's done and balanced. that a consumer protection agency doesn't undermine the

Bob Corker

7:15:56 to 7:16:16( Edit History Discussion )

Bob Corker: safety and soundness piece. that those people oversee making sure our banks, our financial institutions are sound, that people do business know they're going to be sound. that we don't have a con protection agency undermning that by tying to, again, use -- use financial mechanisms as a way of creating social justice

Bob Corker

7:16:17 to 7:16:37( Edit History Discussion )

Bob Corker: in this country. this is -- those are three big titles. and it seems to me that if we could reach agreement there before the bill comes to the floor, then it seems to me that we could then do all kinds of amendments here on the floor. there are a lot of good ideas that my friends on the other

Bob Corker

7:16:38 to 7:17:00( Edit History Discussion )

Bob Corker: side of the aisle have, i think. i think there's a lot of good ideas that would come from this side of the aisle. and it way to have a great debate is to start with a template that is bipartisan and then let people in this body change it in ways that we see fit. we can vote on those. that, to me is the best way to go.

Bob Corker

7:17:01 to 7:17:22( Edit History Discussion )

Bob Corker: i would hope that instead of the tremendous interference that i think is taking place at the white house. i have never seen such involvement in what appears to me the actual drafting of legislation, sending it straight to a committee and it being voted out. i've never seen such involvement. i hope that we can tone that

Bob Corker

7:17:23 to 7:17:44( Edit History Discussion )

Bob Corker: down. we can tone our rhetoric down as far as trying to blame the other sides for how we ended up being in this position when there are a lot of people on both sides of the aisle who exercised good faith in trying to get here. all that does is push people apart when these realignments of

Bob Corker

7:17:45 to 7:18:06( Edit History Discussion )

Bob Corker: history discussions take place when that's not what happened. that's not what happened. and let's give chairman dodd and ranking member shelby some time to work through these issues. i means that what needs to happen. they and their staffs need to finish working through these issues with input from other members and then let's have a great debate. madam president, i know we've

Bob Corker

7:18:07 to 7:18:27( Edit History Discussion )

Bob Corker: got a weekend coming up. the floor's going to shut down in the next 24 hours or i hope that -- that -- i hope that the staffs and these two members will continue to work through the weekend and try to get this bill right. i hope that we will quit throwing accusations back and forth. i he we'll cool down the

Bob Corker

7:18:28 to 7:18:31( Edit History Discussion )

Bob Corker: rhetoric and i hope that we have an opportunity to begin again

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