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Senate Proceeding on Jul 14th, 2010 :: 5:45:25 to 5:50:45
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Bob Corker

5:45:05 to 5:45:25( Edit History Discussion )

Bob Corker: quorum call: quorum call: the presiding officer: the senator from tennessee.

Bob Corker

5:45:25 to 5:50:45( Edit History Discussion )
Speech By: Bob Corker

Bob Corker

5:45:26 to 5:45:46( Edit History Discussion )

Bob Corker: a senator: thk you, mr i ask unanimous consent that we dispense with the quorum call. the presiding officer: without objection. mr. corker: mr. president, i ask to be able to speak as if in morning business. the presiding officer: without objection. mr. corker: thank you. thank you for bng so accommodating, mr. president. i would like to speak for a moment about the dodd bill that

Bob Corker

5:45:47 to 5:46:09( Edit History Discussion )

Bob Corker: we're going to vote on apparently tomorrow evening. i want to talk a little about politics, which is not my specialty, and then a littleit about substance. mr. president, i've read with interest, obviously, i know you've also been highly involved in this bill and made a positive contribution. i read rectly comments made by

Bob Corker

5:46:10 to 5:46:30( Edit History Discussion )

Bob Corker: our leader, the majority leader here, and the president, and actually the chairman of the banking committee regarding the fact that the reason the bill is the way that it is is partisan politics and basically insinuating that republicans really didn't want to deal with

Bob Corker

5:46:31 to 5:46:51( Edit History Discussion )

Bob Corker: a financial regulatory bill. mr. president, nothing, i think, has disappointed me more than the fact that we've ended up with a bill tha has basically ended up wrapping folks around the axle as they tried to get two or three votes on our side of the aisle to pass this bill. i think we had a tremendous opportunity to pass a partisan bill -- i mean a bipartisan bill. we had a tremendous opportunity

Bob Corker

5:46:52 to 5:47:13( Edit History Discussion )

Bob Corker: to pass a bill that would have shown the american people that we in this body have the ability to work together on big issues and solve problems. and i think that it's a shame that we did not do that. i have to say, mr. president, from my perspective -- and i think i put as much time into this bills anybody here in the

Bob Corker

5:47:14 to 5:47:36( Edit History Discussion )

Bob Corker: senate -- it ended up being about partisan issues. there was an overreach on issues that had almost nothing to do -- as a matter of fact, absolutely nothing to do with this crisis, really to advance some political agenda issues. and then on the other hand, total denial to deal witsome of the core issues that got us in this situation.

Bob Corker

5:47:37 to 5:48:00( Edit History Discussion )

Bob Corker: i'm really disappointed. you know, mr. president, we talk a lot. we've had groups come in, and they talk to us about how they'd like to see bipartisanship. then some of us on both sides of

Bob Corker

5:48:01 to 5:48:22( Edit History Discussion )

Bob Corker: the aisle step out from time to time to do that. and then when it happens and the end product isn't achieved for a lot of force that is exist around here, there are people that you end up reaching out to criticize the fact that we ended up with a partisan bill, and yet at the end of the day, let's face it, one side has the majority, one side has the minority.

Bob Corker

5:48:23 to 5:48:43( Edit History Discussion )

Bob Corker: and in this particular b don't think there was a, at the end, a valid attempt to do that. so i'm disappointed. i think this is a bill that i think we have issues in this country as it relates to our financial system that do need to be addressed. and no doubt, be any bill of this magnitude -- 2,300 pages --

Bob Corker

5:48:44 to 5:49:05( Edit History Discussion )

Bob Corker: has some good things in it. there are good provisions in this 2,300-page bill. in many ways we punted most of the work to regulators. they're going to spend the next 10 to 18 months making rules that really leave a lot of instability in our financial system at a time when i think

Bob Corker

5:49:06 to 5:49:28( Edit History Discussion )

Bob Corker: people would like to have a degree of certainty. i think the presiding president today tried to actually focus on greater certainty in some areas. i might have disagreed with some of those, but the fact is i think part of our job here in legislating is to create a degree of clarity. i want to say some of the shortcomings of this bill is i think the count keeps going.

Bob Corker

5:49:29 to 5:49:49( Edit History Discussion )

Bob Corker: i've heard a count of 363 rule makings. i've heard one group come out and say there's 500 rule makings. in essence what we did with this bill in many ways is say to the very regulators that had the power candidly to do most of what's in this bill anyway, they had that power within their purview, didn't do it. and kind of what we said is, look, we'd like for you to make

Bob Corker

5:49:50 to 5:50:10( Edit History Discussion )

Bob Corker: rules. so, you know, k street and government relations spokesmen will make a lot of money over the next 12 to 18 months as they now lobby regulators to sort of figure out what the rules of the road are going to be, and in the process, again, jobs in the country will be more stagnant. the other piece of this, mr. president, i mean this all

Bob Corker

5:50:11 to 5:50:31( Edit History Discussion )

Bob Corker: started out with this sort of political agenda. we're going to bash wall street. and now republicans have come out and said, no, this is a wall street bailout. and so we have democrats who are going to bash wall street and republicans saying this is a wall street bailout. candidly, i don't know that it's either one. the fact is i think most folks

Bob Corker

5:50:32 to 5:50:47( Edit History Discussion )

Bob Corker: on wall street like this bill. as a mter of fact, i'm looking at hedge fund managers right now, reading the "financial times." many of the folks involved in the riskiest businesses are now out forming new hedge funds, and

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