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Senate Proceeding on Apr 30th, 2010 :: 0:38:50 to 0:50:40
Total video length: 3 hours 24 minutes Stream Tools: Stream Overview | Edit Time

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Bob Corker

0:38:50 to 0:39:13( Edit History Discussion )

Bob Corker: and, again, i -- i agree with him and our that's my point. mr. corker: mr. president? the presiding officer: the senator from tennessee. mr. corker: i appreciate so much the comments from the senator from connecticut. and, you know, i'd just like to sort of summarize the way i see things today. i, first of all,ould say that i tnk last week or over the

Bob Corker

0:38:50 to 0:50:40( Edit History Discussion )
Speech By: Bob Corker

Bob Corker

0:39:14 to 0:39:35( Edit History Discussion )

Bob Corker: last short period of time anyway, probably the lowest point in my senate career of three years and four months, just hearing all the rhetoric on both sides of the aisle, candidly, about this bill and i continue to hear it, unfortunately, in the evenings from this floor. you know, the fact is that this is a serious issue and it's complex and there's a lot of substantive issues that need to

Bob Corker

0:39:36 to 0:39:56( Edit History Discussion )

Bob Corker: be addressed, and i guess the thing that -- that frustrates me most about this body -- it has nothing to do with having been a mayor or business person, it's the outlandish things that people can say on both sides of the aisle just to try and cut herds out of americans so americans who -- who are busy raising their families or doing what they do on a daily basis

Bob Corker

0:39:57 to 0:40:17( Edit History Discussion )

Bob Corker: and, candidly, what we're doing here is just a long way away and they hear pieces of it, just to sort of divide our country up. and i do hope that on this bill we can focus more on the facts and we'll see if that occurs. it would certainly be the first in a long time if that were to occur, but i hope that happens.

Bob Corker

0:40:18 to 0:40:38( Edit History Discussion )

Bob Corker: mr. president, as i look at this bill, first of all, on the too-big-to-fail piece, my sense is that the senator from connecticut is going to work with the senator from alabama and pretty well fix that over the course of this weekend. i have a feeling a managers' amendment's coming forth, and there will be people both sides of the aisle that think a resolution mechanism isn't appropriate.

Bob Corker

0:40:39 to 0:41:00( Edit History Discussion )

Bob Corker: i realize that. and there will be a push towards bankruptcy, which i know senator from virginia and i really wanted to -- to strengthen in big ways. there's some committee issues that sort of keep that from happening as elegantly as it might happen, but i sure hope that we'll do everything we can to strengthen the bankruptcy laws so that the default position for a major company is

Bob Corker

0:41:01 to 0:41:22( Edit History Discussion )

Bob Corker: to go into bankruptcy. okay? i mean, that's what -- that's the way our country works when a company fails. but in some cases, i do believe there's a need for a resolution mechanism, and my sense is that the senator from connecticut and the senator from alabama will come to terms over the next several days with ways of ensuring that there aren't those gaps -- i think there are a few,

Bob Corker

0:41:23 to 0:41:43( Edit History Discussion )

Bob Corker: you know, look, the administration gets a little involved in a bill and they want to create some flexibility. you know? i understand that. and if i were on their side, i would want to do the same, you know, give -- hey, i'll take the power and we'll solve everything and we need to sort of close that up so that the things that we intend to happen actually happen in this bill. and my sense is you all are going to fix that over the weekend.

Bob Corker

0:41:44 to 0:42:04( Edit History Discussion )

Bob Corker: so then we have the issue of -- of the derivatives, and i think all of us want to see derivatives cared. there have been some issues i know that came forth out of the ag committee, this 106 issue i think is -- is something that i think my friends on the other side of the aisle are going to figure out a way to solve and get back in the box.

Bob Corker

0:42:05 to 0:42:25( Edit History Discussion )

Bob Corker: and i look forward to the debate that you-all have amongst each other doing that. that will be actually humorous to watch. but i think that will get i think the senator from virginia and the senator from connecticut and the senator from arkansas will figure out a way to get that one back in the tube, if you will. and so, you know, the derivatives issue, my sense is we'll get to a place that

Bob Corker

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

Bob Corker: probably works. i know judd gregg and jack reed really, really smart guys on both sides of the aisle, have worked on thi i know tt their work at some point will -- will bear some fruit. i know saxby chambliss and blanche lincoln have worked heavily on it. i think we're going to get that right. so, mr. president, at the end of the day, i think we know the

Bob Corker

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

Bob Corker: issue that -- that probably is going to divide this group if we don't work it out. i'm talking about this senate body. and that is the consumer protection piece. and, look, i -- i want to see consumer protection take place. i do. i know the senator from connecticut knows i was serious about trying to resolve that issue in march.

Bob Corker

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

Bob Corker: it's my hope that we can come to terms on that. it's my hope that we can create a balance, an appropriate balanc so that the consumer protection piece is in balance with prudential regulation and for people who don't do this on a daily basis, these people that make sure that our banking

Bob Corker

0:43:30 to 0:43:52( Edit History Discussion )

Bob Corker: system is safe and sound, that our financial institutions aren't at risk because of what -- of rules and those kinds of things. hopefully we can get that in balance. i don't know if the senator from connecticut wishes to -- to speak to this, but that's the one issue that i know has a lot of people concerned. i think many of us are concerned

Bob Corker

0:43:53 to 0:44:14( Edit History Discussion )

Bob Corker: about an agency that, as it's written today, i don't think has appropriate checks and balances. and with the wrong kind of leadership over time could end upeing something very different even than possibly the senator from connecticut intends for it to be today. and i hope that, again, over the course of this debate we have

Bob Corker

0:44:15 to 0:44:35( Edit History Discussion )

Bob Corker: the ability to deal with consumer protection in a way that achieves that balance where people across this country that wake up on a daily basis, that aren't necessarily directly involved in the financial industry have no fears of this sort of reaching out and becoming unnecessarily involved in what they're doing. but that's the one issue. and i know the senator from

Bob Corker

0:44:36 to 0:44:59( Edit History Discussion )

Bob Corker: connecticut realizes that. i will digress slightly. i know you referred to canada and the large institutions that canada has. a much smaller g.d.p. one of the reasons they did not get into the same difficulties we had as a country is they have underwriting mechanisms there that really determine what is appropriate for people to do as

Bob Corker

0:45:00 to 0:45:20( Edit History Discussion )

Bob Corker: it relates to borrowing for their homes. their underwriting standards are very different than exist in this country. i know the senator from connecticut has an approach to it. the 5% risk retention with securitizations. i have a little different approach to it and feel like that we shouldn't be securitizing loans in the first place that are written to people

Bob Corker

0:45:21 to 0:45:42( Edit History Discussion )

Bob Corker: that can't pay them back. i mean, i'd like to get at the very base of this issue and i hope that over the course of this debate we'll figure out a way to merge what the senator from connecticut has proposed and maybe some -- some wreel underwriting -- some real underwriting so that when the loans are written in the first place and end up getting spread across our country, we've made

Bob Corker

0:45:43 to 0:46:04( Edit History Discussion )

Bob Corker: sure that these loans are written in such a way that we know the people w have taken out these mortgages can pay them back. and, again, that's why canada -- canada had no issues whatsoever as it related to this because in their country, they have different underwriting standards. people there actually put down 15%, generally speaking, when they purchase their homes.

Bob Corker

0:46:05 to 0:46:26( Edit History Discussion )

Bob Corker: i know that we don't want to be prescriptive, overly prescriptive, in this body. but i would hope that the senator from virginia and the senator from connecticut and all of us could sit down and figure out a way to address that in a slightly different way. but, candidly, as it relates to issues, i -- it's hard for me to believe that we'd have a financial regulation bill and

Bob Corker

0:46:27 to 0:46:48( Edit History Discussion )

Bob Corker: not address that, okay?, the underwriting piece. but the issue again, as the senator from connecticut mentioned, we're not going to deal with everything, we cannot deal with everything. we know that we've got to come back around very soon and deal with fannie and freddie. i -- i hate it that we're not dealing with that now, and i think all of us would like to be dealing with that now. the fact is that at some point we ought to come back around and deal with that and we'll have

Bob Corker

0:46:49 to 0:47:12( Edit History Discussion )

Bob Corker: another bite at the appear toll try to deal with many of -- apple to try to deal with many of these issues when that idea is taken up. but back to consumer protection. i think that as a body we have a chance to pass something out that's a serious piece of legislation -- serious piece of legislation -- that a lot of

Bob Corker

0:47:13 to 0:47:34( Edit History Discussion )

Bob Corker: thought has gone into, a l we have a chance to ps a serious piece of legislation i this body with potentially an overwhelming vote if we can just figure out a way on the consumer protection piece to come together. and i think that the senator from connecticut knows where most republicans would like to

Bob Corker

0:47:35 to 0:47:56( Edit History Discussion )

Bob Corker: be on if you look at a 10 scale, if you will, i think where republicans would like to be, or at least the aisle -- many republicans on this side of the aisle, is an 8 on a 10 scale for people who think that consumer protection is "the" issue. and it just seems to me that as a body, instead of trying to score political points and say,

Bob Corker

0:47:57 to 0:48:18( Edit History Discussion )

Bob Corker: you know, if you -- if you vote against this bill, you're voting for wall street, which is ludicrous, i think all of us care -- you know, i've got to tell you, i have a thing every tuesday called tennessee tuesday and people come up and the senator from tennessee, senator alexander, and i greet people from -- from pennsylvania up here every tuesday.

Bob Corker

0:48:19 to 0:48:39( Edit History Discussion )

Bob Corker: i got to tell you, there's not any wall street bankers there. they're community bankers and credit unis who come up here to see us. those are the folks that i think most of us care about as it relates to constituents in our state. and i know this -- these provisions that are in consumer protection, those are the things

Bob Corker

0:48:40 to 0:49:02( Edit History Discussion )

Bob Corker: that scare them most about what that might become down the road. and so, again, instead of making this "if you're with us, you're against wall street; if you're against us, you're for wall street," i hope that what we'll do is at some point -- and i know these bills all sort of have a life and they ebb and flow and there's a time maybe

Bob Corker

0:49:03 to 0:49:25( Edit History Discussion )

Bob Corker: when these kinds of -- of negotiations can take place in a serious way, but i hope that what we'll do instead of dividing this body over an issue that we all care about, what we can do is unite this body by maybe figuring out a way to merge that issue a little bit more fully there. i realize that there's a way that a bill can pass out of this body on a 62-vote margin.

Bob Corker

0:49:26 to 0:49:48( Edit History Discussion )

Bob Corker: i realize that that's possible. that there will be a couple of folks that might have different sensibilities about particular issues and things that things. i realizehat. but, mr. president tribute, actually, to the senator from connecticut, who's been here many, many years, who is leaving this body at the end

Bob Corker

0:49:49 to 0:50:09( Edit History Discussion )

Bob Corker: of this term i would hope that what we do is figure out a way to have an 85-vote bill and come together -- come together -- on this one issue that i think ultimately has the potential to divide us and then have a piece of legislation that leaves this body on a party-line vote almost. maybe it doesn't even leave because it's so divisive. but leaves on a party-line vote

Bob Corker

0:50:10 to 0:50:31( Edit History Discussion )

Bob Corker: that i don't think -- i don't think this country respects much. i think they're over that and i think they'd like to see us work in a way that solves things together. mr. president, i'm getting ready to yield the floor because i'm beginning to talk way, way too long. but i thank the senator from virginia. i thank the senator from connecticut.

Bob Corker

0:50:32 to 0:50:40( Edit History Discussion )

Bob Corker: i hope that just within this body we're able to do something that seeks the appropriate balance and seeks to do

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