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Senate Proceeding on Apr 30th, 2010 :: 0:23:55 to 0:31:40
Total video length: 3 hours 24 minutes Stream Tools: Stream Overview | Edit Time

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Bob Corker

0:23:45 to 0:24:05( Edit History Discussion )

Bob Corker: quorum call: the presiding officer: the senator from tennessee. mr. corker: ask unanimous consent that the quorum call be dispensed. the presiding officer: without objection. mr. corker: thank you. mr. president, i know there will be a number of people today talking about regulatory reform.

Bob Corker

0:23:55 to 0:31:40( Edit History Discussion )
Speech By: Bob Corker

Bob Corker

0:24:06 to 0:24:26( Edit History Discussion )

Bob Corker: it's my hope -- and i know the senator from virginia and i have worked on a number of issues together in order t create a bill that we think is solid and will stand the test of time, and i hope that spirit continues on. one of the things that many members have been talki about here on the floor is the size of institutions that we have in this country.

Bob Corker

0:24:27 to 0:24:47( Edit History Discussion )

Bob Corker: there have been some movements to arbrarily decide what size an institution in this country ought to be. and i think, i think everybody's frustrated by what occurred a couple of years ago, and there's a lot of ideas that are coming forth to try to prevent the same types of things that occurred a couple years ago and even a year

Bob Corker

0:24:48 to 0:25:08( Edit History Discussion )

Bob Corker: ago from happening again. what i hope people will keep in mind is that the reason that our large financial institutions are the size that they are is because we have companies in this country that need large institutions in order to be competitive. and i'd likeo start out first

Bob Corker

0:25:09 to 0:25:29( Edit History Discussion )

Bob Corker: with the fact that obviously if you're a large company in this country and you're doing business throughout the country, what you want to ensure is that you have a financial institution that covers the entire geographic map of our country, that you want to be able to do business in every state in this country in a way that's easy, a

Bob Corker

0:25:30 to 0:25:50( Edit History Discussion )

Bob Corker: way that allows to you do what you do in a very competitive way. and then i think we have to remember, especially as we continue to talk about other countries and the tremendous growth that has taken place, for instance, in countries like china and other places, that we

Bob Corker

0:25:51 to 0:26:11( Edit History Discussion )

Bob Corker: live in a global environment, mr. president. in that global environment, some of the great companies that have been founded here in this country need the ability to operate around the world and to do so in a way that continues to create great american jobs. and and so we need to have a banking system in this country where we have institutions that have the

Bob Corker

0:26:12 to 0:26:33( Edit History Discussion )

Bob Corker: ability to operate throughout our country and then we need the ability for these institutions also to be able to compete on a global basis. and s have large, highly complex institutions that are able to do all those things necessary for these companies to be able to compete.

Bob Corker

0:26:34 to 0:26:54( Edit History Discussion )

Bob Corker: and so i hope as people look at arbitrary downsizings, as people look at lines of business that banks can or cannot be involved in, that we take into account that of the ten largest financial institutions in the world -- let me start with the five. the top five financial institutions in the world, a

Bob Corker

0:26:55 to 0:27:15( Edit History Discussion )

Bob Corker: place where our companies have to compete, we have not one ba -- not one -- in that category. so here we are, we have the largest gross domestic product in the world, the most competitive business environment in the world, and we do not have one institution that ranks in the top five in the world.

Bob Corker

0:27:16 to 0:27:36( Edit History Discussion )

Bob Corker: as a matter of fact, if you take it on down to the top ten, we only have two financial institutions, two banks that are in the top ten and they're towards the bottom that have ranking. so i hope as people -- i know there's a lot of populism and it sounds -- it sounds really great that we're diagnose to take on wall street, but --

Bob Corker

0:27:37 to 0:27:58( Edit History Discussion )

Bob Corker: that we're going to take on wall street, but i think what we need to rember is we may be taking on the heartland. there are companies across this country that depend upon the ability to -- for instance, if you're -- if you're in indiana or ohio or someplace like that and you're -- you're making some product out of metals, you probably want to know, if you

Bob Corker

0:27:59 to 0:28:20( Edit History Discussion )

Bob Corker: have some long-term contracts, that you have the ability to hedge that -- the risk of metals going up. or if youe dealing with another contrac country, where you have a lot of shipments going there, you want the ability to know that if you're selling it for what you think is a u.s. dollar, that that u.s. dollar stays constant by having currency swaps and those kinds of things.

Bob Corker

0:28:21 to 0:28:42( Edit History Discussion )

Bob Corker: so, you know, one of the great things about america when we talk about the american dream is that people in this country have the ability, like the senator from virginia -- there's no better example -- no better example. the senator from virginia had a dream. he realized early on, i think he started with maybe $5,000 and might have lost that very quickly i think and then had to

Bob Corker

0:28:43 to 0:29:04( Edit History Discussion )

Bob Corker: reload again and figure out a way with small amounts of money to create a great company and he did that, and he did it over and over and over again. and the reason he was able to do that was in this country, we have the ability to bring capital together around entrepreneurs. you don't have to be born in

Bob Corker

0:29:05 to 0:29:25( Edit History Discussion )

Bob Corker: this country with a silver spoon in your mouth. i know that i started exactly the same way, with $8,000 when i was 25 years old. you have the ability in this country to have a dream and to accumulate ways, build around that dream with capital formation that creates jobs. and, you know, this debate's

Bob Corker

0:29:26 to 0:29:47( Edit History Discussion )

Bob Corker: interesting and i know people can score political points and it's, again, great to take on ll street. but what we've got to be careful of in this debate is that we're not cutting our nose off to spite our face. the fact is that what makes this country great is all the -- all the companies across this country that people got up this

Bob Corker

0:29:48 to 0:30:09( Edit History Discussion )

Bob Corker: morning and went to work and some entrepreneur had an idea, built a company and now it's employing people, which i know all of us realize is probably the most important thing for all of us to care about is that heads of households in this country have the ability to -- to raise their children, to pay for their education, to do the

Bob Corker

0:30:10 to 0:30:30( Edit History Discussion )

Bob Corker: kind of things that improve our standard of living. so, mr. president, i'm a little concerned, as i hear night after night after night people coming down to this floor and they're -- they're bashing wall street. by the way, there's some things certainly that need to be corrected, and i know that the senator from connecticut is trying to do that with portions of his bill.

Bob Corker

0:30:31 to 0:30:53( Edit History Discussion )

Bob Corker: i know that the senator from virginia and i have worked on portions of a bill that we hope will do that. but i think just arbitrarily saying that we're going to create a system in this country of small banks, banks that don't have the ability to -- to aid companies that deal around this world so that we as a country

Bob Corker

0:30:54 to 0:31:17( Edit History Discussion )

Bob Corker: can be globally competive, mr. president, that concerns me. and i hope that, again, in the name of political points we will stop much of this discussion. and, mr. president, i hope that we'll all come to our senses -- well, i shouldn't have said that. everybody has strong opinions and that was a misstatement by me. i hope that we will look at the

Bob Corker

0:31:18 to 0:31:40( Edit History Discussion )

Bob Corker: end results of our actions a what that may mean to the good people of this country who get up every day and work hard and depend upon -- depend upon -- those people who are willing to take risk for their families to be able to put food on their table, to educate their kids and to -- to live a life here in america that we can all be proud of. i see the senator from connecticut. i know there's no one else here on the floor. i'll actually pause for a second.

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