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Senate Proceeding on May 7th, 2010 :: 0:12:40 to 0:21:55
Total video length: 3 hours 33 minutes Stream Tools: Stream Overview | Edit Time

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Bob Corker

0:12:26 to 0:12:46( Edit History Discussion )

Bob Corker: that are very, very approiate, the orderly liquidation title that the presiding officer and myself and senator dodd and senator shelby and i have been involved in is an important piece of this lesmtion i think all of us realize secondarily that the derivatives title, once it getted corrected and in the right form, is a very, very

Bob Corker

0:12:40 to 0:21:55( Edit History Discussion )
Speech By: Bob Corker

Bob Corker

0:12:47 to 0:13:07( Edit History Discussion )

Bob Corker: important piece dealing with what we have just dealt with over these last couple of years. certainly some elements -- consumer protection -- are very important. hypoite that we're able to get tbhak in balance. i -- i hope that we're able to get that back in balance. as with any piece of legislation that we pass here, sometimes we take a crisis and we use it to cause things to happen that

Bob Corker

0:13:08 to 0:13:28( Edit History Discussion )

Bob Corker: don't necessarily have to do with the crisis itself, and i certainly believe that is the case with some of the expanse as it relates to consumer protection. but the fact is, look, i think the orderly liquidation title is something that's a useful tool. hopefully we'll get the derivatives title right and we'll no longer have a situation

Bob Corker

0:13:29 to 0:13:49( Edit History Discussion )

Bob Corker: where people are hugely money-bad and don't settle up on a daily basis and post margins and end up in a situation we're a all too familiar with, as it relates to a.i.g. but, mr. president, there are still three areas that i think we have not dealt with that i think are very appropriate. one of them is underwriting, and i hope the presiding officer and

Bob Corker

0:13:50 to 0:14:10( Edit History Discussion )

Bob Corker: others here will be able to work together and come up with an appropriate underwriting title. at the base -- in the core of this whole crisis, the fact is, what generated this worldwide crisis was the fact that a bunch of bad loans were written that should have never been written, and this bill does nothing

Bob Corker

0:14:11 to 0:14:31( Edit History Discussion )

Bob Corker: whatsoever -- nothing, zero -- to deal with loan underwriting. and, to me, that's a huge oversight. and i'm hoping the senator from connecticut, the senator from virginia, the senator from alabama, many of us will figure out a way to zeal with in an appropriate way. i have an amendment. it is an approach. i'm hoping that over the course of the next week and a half we'll figure out some way of

Bob Corker

0:14:32 to 0:14:52( Edit History Discussion )

Bob Corker: dealing with the core issue during this last crisis, which no doubt was just the fact that we wrote a bunch of loans -- our country did -- a bunch of mortgages were extended to people who cou not pay them back. second, credit rating agencies were at the core

Bob Corker

0:14:53 to 0:15:13( Edit History Discussion )

Bob Corker: of this. inow we'll deal with credit rating agency by virtue of a pleading standard making sure they are more liable for some of the recommendations they put forth. it's my sense that what's going to happen by addressing it that way is the smaller firms that are just entering the market that would like to be constructive as it relates to credit ratings basically are

Bob Corker

0:15:14 to 0:15:34( Edit History Discussion )

Bob Corker: going to be pushed out of the market and the larger firms will be more consolidated or have more, a bigger piece of the business because they will be able to withstand some of the litigation that will take place, hopefully, if they make bad recommendations. but i think there's probably other ways of looking at this, and i know there's people in

Bob Corker

0:15:35 to 0:15:58( Edit History Discussion )

Bob Corker: this body on both sides of the aisle that constructively are trying to figure out a way to deal with that. but the one glaring, glaring, glaring piece is tpa epb ni and tpr ed -- is fannie and freddie. i think one of the reasons we as a body haven't dealt with fannie and freddie is they're huge. they're a big part of the market.

Bob Corker

0:15:59 to 0:16:19( Edit History Discussion )

Bob Corker: the housing industry is very dependent upon them. and there hasn't been a consolidation around what most works to move them away from being such a big piece of the market and such a huge liability for our country. that's why i so much like the amendment that john mccain has put forth, from arizona. i know he worked with judd gregg

Bob Corker

0:16:20 to 0:16:41( Edit History Discussion )

Bob Corker: and others. but what is outstanding about his amendment is -- there are two things. number one,he fact is that we actually have to be honest with the american people about the cost, the liabilities that we're picking up as it relates to the g.s.e.'s. each year budgetarily we'll have

Bob Corker

0:16:42 to 0:17:04( Edit History Discussion )

Bob Corker: to allocate moneys for the actual liabilities that exist here. i think that's a good thing. i think that's a very important step. there will be some transparency into what these organizations actually are costing our country. i think all of us realize that fannie and freddie are a huge problem, and we need to deal with it. so the second piece of the mccain amendment that i like

Bob Corker

0:17:05 to 0:17:26( Edit History Discussion )

Bob Corker: so much is it puts in place dates certain by -- dates, a certain time by which we have to as a body have dealt with them. and i think one of the things i worry about -- it's really, again, pretty hard to believe that we haven't thoughtfully figured out a way to deal with g.s.e.'s at the time of passage right now.

Bob Corker

0:17:27 to 0:17:48( Edit History Discussion )

Bob Corker: what i worry about is this bill passes and w topics and still have these huge issues that our country needs to deal with, that we know are out of control, that have done incredibly terrible jobs in underwriting and basically have missions that counter each other. i mean, the fact is it has a social mission, it has a business mission.

Bob Corker

0:17:49 to 0:18:09( Edit History Discussion )

Bob Corker: we tried to put those together, and it just hasn't worked. we all know we've got to deal with that in a different way. what the mccain amendment would do is just ensure that we deal with it. sometimes again, we move beyond a crisis, we start thinking about other things, and then we have these festering problems that have not been dealt with.

Bob Corker

0:18:10 to 0:18:30( Edit History Discussion )

Bob Corker: so let me say this. i'm being pretty honest right here on the floor. i realize none of us have come up with a silver bullet answer on what to do exactly with the g.s.e.'s. how do we move them into the private market without totally disrupting what's happening right now, with them being such a huge part of what's happening. the mccain amendment would

Bob Corker

0:18:31 to 0:18:51( Edit History Discussion )

Bob Corker: just make sure that by a date certain we deal with it and we can do so incrementally. so i know that some people on the other side of the aisle might take the mccain amendment as a major criticism. i don't. i just look at it as a way for us to move ahead.

Bob Corker

0:18:52 to 0:19:12( Edit History Discussion )

Bob Corker: so i hope that my friends on the other side of the aisle will actually look at the substance. i think it's thoughtful. i really do. i think it's something that, that, you know, allows us to start accounting for it. but then within a date certain period of time, within the next

Bob Corker

0:19:13 to 0:19:33( Edit History Discussion )

Bob Corker: couple of yea we will have had to deal with fannie and freddie or some draconian things will occur, no doubt. but i hope the senator from virginia, the senator from connecticut, missouri, new mexico, who are in this body today, i hope that we can move yond any partisan thinking. and i will say this -- i think

Bob Corker

0:19:34 to 0:19:56( Edit History Discussion )

Bob Corker: this body is, has done really well over the last week and a half. it's a complex piece of legislation. i think the senator from connecticut has tried to deal with this in a very good way on the floor. as a matter of fact, we had a vote las night that i think a lot of us were concerned about. and instead of somebody raising objection and trying to get us

Bob Corker

0:19:57 to 0:20:17( Edit History Discussion )

Bob Corker: to a 60-vote threshold, we had a 51-vote threshold. i thought that was the best of this body last night. and i want to thank those in charge of he is according to this -- escorting this bill through the process for keeping it that wait a minute there could have been a motion to table. somebody could have asked for a 60-vote threshold. instead -- i know the senator

Bob Corker

0:20:18 to 0:20:39( Edit History Discussion )

Bob Corker: from missouri is going to speak next, has been concerned about the processes here. and i join her in many of those concerns. but so far this process has been about the best that i've seen in some time. so as i move back to the mccain amendment, i know it's being offered by a republican.

Bob Corker

0:20:40 to 0:21:00( Edit History Discussion )

Bob Corker: i don't offer criticisms at other side of the aisle for what's happened with the g.s.e.'s. let's face it, in fairness, both sides of the aisle have had a hand in these things being where they are. administrations on both sides of the aisle have used these g.s.e.'s towards their end. there is no question. i'm not trying to weigh which side is most responsible.

Bob Corker

0:21:01 to 0:21:23( Edit History Discussion )

Bob Corker: but the mccain amendment, what it does is allow us to move ahead in a thoughtful way with these organizations. so, i do urge my friends to please, please read the legislation. maybe there's a second-degree that's in order to make it even better. but i think it's a -- i really

Bob Corker

0:21:24 to 0:21:44( Edit History Discussion )

Bob Corker: do believe it's a way for us to responsibly move ahead and deal with fannie and freddie in a way that needs to be dealt with. they cannot continue t exist as they are. everybody in ts body knows that. the american people know that. let's deal with it. let's pass the mccain amendment. let's pass the mccain amendment with a tweak or two if

Bob Corker

0:21:45 to 0:21:55( Edit History Discussion )

Bob Corker: that's necessary. but let's show the american people that we know it's a problem and that we have the ability to work across party

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