Video archive of the US Congress

Senate Proceeding 05-13-10 on May 13th, 2010 :: 0:29:00 to 0:33:30
Total video length: 6 hours 15 minutes Stream Tools: Stream Overview | Edit Time

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Bob Corker

0:28:59 to 0:29:21( Edit History Discussion )

Bob Corker: yield time to mr. corker: mr. president? the presiding officer: the recognized. mr. corker: mr. president, i thank you. i want to thank my colleague from alabama for the work that he's done in trying to craft a bankruptcy title that more fully suits financial institutions. this body's an interesting body because you don't have the

Bob Corker

0:29:00 to 0:33:30( Edit History Discussion )
Speech By: Bob Corker

Bob Corker

0:29:22 to 0:29:42( Edit History Discussion )

Bob Corker: chance to do anything but vote "yes" or "no" on particular pieces of legislation. a couple weeks ago, or just last week the republicans -- all republicans -- had a filibuster while they waited for the leaders on each side of the banking committee to reach a compromise.

Bob Corker

0:29:43 to 0:30:03( Edit History Discussion )

Bob Corker: and it was supported, i think, 94 or 96-1. and that compromise was on title 2, the orderly title. and so, here we have an amendment that basically is to strike something that this body,

Bob Corker

0:30:04 to 0:30:25( Edit History Discussion )

Bob Corker: in essence, adopted 96-0. i spent a lot of time on that title myself, working with mark warner. i appreciate greatly the partnership that we had working on a resolution title. i thank senator shelby and senator dodd for the work that they did to try to improve that title. and we held out on this side until that occurred.

Bob Corker

0:30:26 to 0:30:47( Edit History Discussion )

Bob Corker: now we have a vote, the sessions vote, that would strike that. mr. president, i want to say i'm at the point in this bill where i'm under no illusion that this bill is going to get any better. i know there's a lot of messaging amendments that will begin to take place. many of us will have the opportunity through our votes to express how we may feel about

Bob Corker

0:30:48 to 0:31:09( Edit History Discussion )

Bob Corker: certain aspects of this bill. mr. president, when senator warner and i were working on a resolution, it was with the intent that bankruptcy be the default. that would be the place where almost every financial institution would go, and that may be that rare instance --

Bob Corker

0:31:10 to 0:31:30( Edit History Discussion )

Bob Corker: that rare instance -- was necessary due to some systemic risk. it was our hope that the judiciary committee would actually develop a title that would allow that to happen, but what's happened is that did not tack place. -- did not take place. as a matter of fact, many of the judicial reviews senator warner and i wanted to see place in the

Bob Corker

0:31:31 to 0:31:52( Edit History Discussion )

Bob Corker: resolution title did not occur. there's no judicial review of payments by the fdic, those things we would like to see, sofrt rule of law -- sort of the rule of law -- at least that i would like to see. mr. president, what happened is we developed a resolution title that was to be used only very rarely because we had hoped that

Bob Corker

0:31:53 to 0:32:14( Edit History Discussion )

Bob Corker: a bankruptcy title would be developed that financial companies would go into, but that hasn't happened. so what does that mean? that means it's far more likely -- far more likel that the resolution title would actually be used instead of bankruptcy. the fact is i'm under no illusion that senator sessions' amendment is going to pass.

Bob Corker

0:32:15 to 0:32:37( Edit History Discussion )

Bob Corker: as a matter of fact, i doubt very seriously that this amendment is going to pass. my intent to vote for the sessions amendment is not meant, is not meant to say that i disavow the work that senator shelby and it's not to disavow the work that senator warner and i spent a great deal of time wedlocking on.

Bob Corker

0:32:38 to 0:32:59( Edit History Discussion )

Bob Corker: it's to say -- a great deal of time working on. it's to say i do believe we have done the work necessary to make sure there was a bankruptcy title done that would work for financial institutions. that has not been done. and i wt to thank senator sessions for giving us the oprtunity to voice the fact that we believe the bankruptcy code in this country should be

Bob Corker

0:33:00 to 0:33:21( Edit History Discussion )

Bob Corker: made so that it works far better for financial institutions. i would like for this to have been melded a little differently than the way the senator is putting it forth. but i want to thank him for his work and signify my intent to support him on his amendment on the basis in the fact that this bill the way it's been crafted shld have respected judicial

Bob Corker

0:33:22 to 0:33:30( Edit History Discussion )

Bob Corker: review more than it has been. and secondly, that we should have, as part of this thoughtful process, we should have done something in this bill to

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