Video archive of the US Congress

Senate Proceeding on May 6th, 2010 :: 5:15:45 to 5:22:45
Total video length: 9 hours 44 minutes Stream Tools: Stream Overview | Edit Time

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Bob Corker

5:15:41 to 5:16:01( Edit History Discussion )

Bob Corker: businesses, which are the economic engine and the job creators in our economy mr. president, i yield the floor. a senator: mr. president? the presid?g officer: the senator from new jersey is recognized. mr. menendez: thank you, mr. president.

Bob Corker

5:15:45 to 5:22:45( Edit History Discussion )
Speech By: Bob Corker

Bob Corker

5:16:02 to 5:16:22( Edit History Discussion )

Bob Corker: mr. president, i -- i wanted to come to the floor to talk about the shelby amendment. i think we would have to be 100% clear about one thing, and that is is that we need to pass a consumer protection bill. not a wall street protection

Bob Corker

5:16:23 to 5:16:43( Edit History Discussion )

Bob Corker: bill. a strong independent agency that can aggressively defend families in all sectors of the financial industry. that's -- that's consumer protection. a weak agency that can't defend families against commercial banks, investment banks, credit

Bob Corker

5:16:44 to 5:17:05( Edit History Discussion )

Bob Corker: card companies, car dealers, payday lenders and entities like a.i.g., that's wall street protection and that's what, in essence, this amendment does. the fact is is that the republicans' proposal on this amendment seems to symbolize america's worst fears about how the powerful operate.

Bob Corker

5:17:06 to 5:17:26( Edit History Discussion )

Bob Corker: the powerful protecting the powerful. the problem is isn't that families have too much protections on wall street. the problem is that they haven't been protected enough. the shelby substitute is just the status quo. it's a cynical attempt to

Bob Corker

5:17:27 to 5:17:47( Edit History Discussion )

Bob Corker: pretend that they are doing consumer protection. in reality, it's meant to assume that there is no meaningful consumer protection at the end of the day. it willfully ignores the that we should have learned, that left to their own devices, there are lenders who can and will take advantage of consumers. that's what the marketplace as

Bob Corker

5:17:48 to 5:18:10( Edit History Discussion )

Bob Corker: it is right now has taught us. we absolutely need a muscular, independent agency, however it's configured, wherever it's housed, one that will have full and comprehensive authority to develop and implement real honest pro consumer rules so they wil no longer be fooled by

Bob Corker

5:18:11 to 5:18:33( Edit History Discussion )

Bob Corker: 30 pages of fine print no one except the bank lawyers could possibly understand. one that has independent rule writing authority and authority over banks and nonbanks while maintaining strong state consumer protection laws. one that will stop the ongoing attempts by credit card companies to certificate couple vent the rules that this senate

Bob Corker

5:18:34 to 5:18:54( Edit History Discussion )

Bob Corker: anthis congress have already ented. they're already working at it. as hazard law -- as harvard law professor elizabeth warren has noted, thanks to product safety rules, you can buy a toaster that won't burn down your house, but you can buy a faulty mortgage that can take your

Bob Corker

5:18:55 to 5:19:16( Edit History Discussion )

Bob Corker: house away. and the bank regulators have been of no great help because they're looking out for the banks, not for us, not for you, not for unsuspecting families who need the full force of regulations implemented by a muscular agency that's on your side. so in my view, a new independent agency would provide not only

Bob Corker

5:19:17 to 5:19:37( Edit History Discussion )

Bob Corker: the comfort they need but the protection that they deserve. we can argue about details, but i doubt there is much disagreement after what we have been through that wall street needs a watchdog, one that has jurisdiction over all financial products, no matter who offers

Bob Corker

5:19:38 to 5:19:58( Edit History Discussion )

Bob Corker: them, not just the products offered by big banks. chairman dodd has worked very hard over many months to craft the details of an agency that strikes the balance, and i was really happy to see that finally our republican colleagues are saying we're on the wall street

Bob Corker

5:19:59 to 5:20:19( Edit History Discussion )

Bob Corker: reform train, but now i begin to wonder when i see amendments like this that they jumped on the train to strike the emergency brake on consumer protection enforcement. the shelby amendment offers nothing in the way of consumer protection. there's no independence. the cfpd would simply be a division within the fdic with no

Bob Corker

5:20:20 to 5:20:40( Edit History Discussion )

Bob Corker: autonomy of its own. it wouldn't even finalize a rule without fdic approval. it will not have any resources. that's how republicans want it. no resources, noupervisory authority, no enforcement power. guess who wins in that scenario?

Bob Corker

5:20:41 to 5:21:01( Edit History Discussion )

Bob Corker: nonmortgage companies will ever be subject to the supervision unless they have a pattern or practice of breaking the law within the past three years. so what does that mean? let's have a lot of people get hurt before we actuallyould say that we should now give them protection. it's not my sense of how the law should operate. the shelby amendment would

Bob Corker

5:21:02 to 5:21:22( Edit History Discussion )

Bob Corker: establish the division of consumer protection of the fdic. it maintains, in essence, the status quo. consumer protection rule writing will still be under the same authority, the same regulators who routinely ignore or oppose the needs of consumers. no safeguards to prevent the fdic chair or board from overwriting decisions by the

Bob Corker

5:21:23 to 5:21:43( Edit History Discussion )

Bob Corker: division director. the amendment would actually prohibit, prohibit the proposed consumer division from doing any rule writing under the federal trade commission act for payday lenders, debt collectors, foreclosure scam operators, mortgage brokers, other nonbank consumer finance companies. they could only do examinations

Bob Corker

5:21:44 to 5:22:06( Edit History Discussion )

Bob Corker: of nonbank consumer companies when they demonstrate a pattern or practice of violations of consumer law so only after the consumer has been harmed could they repeatedly, repeatedly after they have been harmed, repeatedly could the consumer division do any examination of business. this is just simply saying, you know, i'm going to tell you that

Bob Corker

5:22:07 to 5:22:28( Edit History Discussion )

Bob Corker: i'm going to put a cop on the beat. he has got no uniform, he has got no equipment, and he can't stop the bad guys. what a falsehood. we need to defeat this amendment, and we need to have a bill that ultimately gives strong consumer protections for millions of families in this country who have already faced the consequences of the system

Bob Corker

5:22:29 to 5:22:45( Edit History Discussion )

Bob Corker: that is going on unregulated in a way that it allows greed and excesses to take place and that puts protections, yes, for wall street but not for main street. senator dodd has struck the right balance. we nd to preserve it. and i look forward to supporting him and opposing this amendment.

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