Video archive of the US Congress

Senate Proceeding on Apr 30th, 2010 :: 1:13:50 to 1:19:55
Total video length: 3 hours 24 minutes Stream Tools: Stream Overview | Edit Time

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Bob Corker

1:13:38 to 1:13:58( Edit History Discussion )

Bob Corker: who's not a big corporation? he's just a consumer in the country, and they'd like we've got them mind. that's really the only point i want to make. i yield the floor. mr. corker: mr. president? the presiding officer: the senator from kentucky. mr. corker: i enjoyed listening to the comments of the senator from connecticut. i can certainly share with him, i know ways of changing more

Bob Corker

1:13:50 to 1:19:55( Edit History Discussion )
Speech By: Bob Corker

Bob Corker

1:13:59 to 1:14:21( Edit History Discussion )

Bob Corker: than one name being on this. tphoeu idea -- i know some of the ideas he said he's open to, i know i have and some of my other colleagues have. i actually think in a short amount of time, to be candid, you could changehis bill to have numerous names on it. i hope we have the ability to talk about some of those over the course of the next several days. apparently it's not quite time for that.

Bob Corker

1:14:22 to 1:14:43( Edit History Discussion )

Bob Corker: but i do want to mention the issue of wall street and talk about public relations. there's no question that after what occurred, many of the folks on wall street could have used a public relations firm to help them. i mean, no question the bonuses and things that we saw after americans basically through

Bob Corker

1:14:44 to 1:15:05( Edit History Discussion )

Bob Corker: taxpayer moneys made sure they survived, no doubt that created a backlash. as a matter of fact, the senator from virginia and i are working on an that if this ever happens again and we have to take one of these firms through a resolution, which is right now, that the bonuses and other types of things in recent

Bob Corker

1:15:06 to 1:15:28( Edit History Discussion )

Bob Corker: years would all be clawed back; that you cannot make huge sums of money, take your company down the tube and do things to america in that way without paying a price. and we're wor that i think is appropriate; hopefully not populace, just something that's thoughtful that if somebody takesomething down and wreaks havoc on this country.

Bob Corker

1:15:29 to 1:15:49( Edit History Discussion )

Bob Corker: it makes us have to use thi mechanism. i think that's something appropriate that we need to look at. i'll also say that back in the fall of 2008, had the resolution mechanism been in place that we talked about, that still has some imperfections, and i realize you and senator shelby are going to fix this weekend,

Bob Corker

1:15:50 to 1:16:11( Edit History Discussion )

Bob Corker: but had that been in place that meeting might not have occurred because we would have had a way to deal with some of the contagion that exists when a company goes down. i want to go back, you talked about the groups out, when you were throughout connecticut who were upset with you. i would say to the senator, it's not those issues maybe that you

Bob Corker

1:16:12 to 1:16:33( Edit History Discussion )

Bob Corker: alluded to that made them so angry and made me angry. i think it's the huge expansion of vernment that they're seeing take place. it's this huge role that washington is beginnin in their lives. and as we look at this consumer protection title that you addressed a minute ago, the big guys on wall street don't care

Bob Corker

1:16:34 to 1:16:54( Edit History Discussion )

Bob Corker: about that. this is not something that's going to affect the big guys on wall street. they have staffs and they have reams of people that have the ability to deal with these kind of consumer laws. those are not the people that are coming into our office.

Bob Corker

1:16:55 to 1:17:15( Edit History Discussion )

Bob Corker: it's the -- the smaller, the medium-sized folks that really don't have the ability -- don't have the ability -- to deal with these in the same way. and if -- if -- if the senator from connecticut would b willing to sit down and talk about ways of ensuring that americans shouldn't fear that this organization over time becomes way involved in their

Bob Corker

1:17:16 to 1:17:38( Edit History Discussion )

Bob Corker: lives, which i think is stoking most of the anger that we're seeing across the country today, i think and rightfully so, if there's a way of achieving a balance where, in essence, consums are protected -- and you know, i know the senator from connecticut knows well that i'm all for working on streamlining, pulling these agencies together and making sure that we have a voice that's

Bob Corker

1:17:39 to 1:18:00( Edit History Discussion )

Bob Corker: out there deal with that issue, if there's a way of doing that, i think the senator from connecticut would find that this body would come together i think very, very quickly. look, there are a few issues, 106, maybe the volcker language ought to be modified just a little bit. sometimes we -- we do best around here when we study things before we tak action.

Bob Corker

1:18:01 to 1:18:22( Edit History Discussion )

Bob Corker: i know that americans might be snokd we actually did that -- might be shocked if we actually did that. but, you know, if we could moderated just a couple of things, i'm talking about just a few sentences, and then look at consumer protection in a way that is balanced and doesn't stoke that anger, that rightful anger that exists across our country with a government just taking a bigger and bigger role

Bob Corker

1:18:23 to 1:18:45( Edit History Discussion )

Bob Corker: in people's lives unnecessarily, if we could fix that -- and i think -- i think we can. that's the thing that -- that i think frustrates me. i think we can do that, then i think we will have appropriately dealt with the resolution, we will have appropriately dealt with derivatives, i know with a few changes and they need to take place and i think both sides know what they are, we

Bob Corker

1:18:46 to 1:19:06( Edit History Discussion )

Bob Corker: will have a bill, we'll have a bill that i thi will stand the test of time and we'll have a bill that i think americans will embrace and i don't think it will do the -- and i think it will do the things that we've set out to do. i know we've had a long colloquy, if you will. i thank the senator from connecticut for indulging with me here, the senator from virginia, who i talked to prior

Bob Corker

1:19:07 to 1:19:27( Edit History Discussion )

Bob Corker: to coming to the floor. i happy to in some form or fashion, we're able to deal with some of these concerns to ensure consumers are protected, to ensure derivatives are clear and we don't end up with an a.i.g. situation where hugely money bag, you haven't been settling up on a daily basis,

Bob Corker

1:19:28 to 1:19:48( Edit History Discussion )

Bob Corker: and that we deal with an issue that when a company in this country fails, they fail. i have to tell you, that's the thing that tennesseans care b. they don't understand when a business in bradley county or a business in shelby county, that may be a mom-and-pop operation, or maybe it's even bigger, when they fail, they're out of business. and in this country, when they see these large institutions on wall street fail and they don't

Bob Corker

1:19:49 to 1:19:56( Edit History Discussion )

Bob Corker: go out of business, they consider that to be morally wrong, a moral hazard and something that they want fixed. i know that we'll get this right

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