Senate Proceeding on Apr 14th, 2010 :: 2:27:20 to 2:31:40
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2:27:07 to 2:27:27( Edit History Discussion )

Bob Corker: morning business is closed. under the previous order, the senate is -- will resume consideration of which the clerk will report. the clerk: calendar number 323, h.r. 4851, an act to provide a temporary extension of certain programs and for other purposes.

2:27:20 to 2:31:40( Edit History Discussion )
Speech By: Bob Corker

2:27:28 to 2:27:48( Edit History Discussion )

Bob Corker: the presiding offer: under the previous order, the time until 12:30 will be equally divided tweend the it would leaders or their -- between the two leaders or their the senator from tennessee is recognized. mr. corker: thank you. i had not planned to come to the floor today but my great friend from virginia, senator warner, is here, and i did want to clarify a couple of things.

2:27:49 to 2:28:09( Edit History Discussion )

Bob Corker: i didn't hear awful his comments. i -- i didn't hear all of his comments. i very much appreciate the work we've been able to do together. i think what's happening on this financial regulation bill is a lot like what happened during the health care debate in many ways. there's something that's being focused on and some of it is sort of being blown out of proportion.

2:28:10 to 2:28:30( Edit History Discussion )

Bob Corker: but i did want to clarify something. senator warner spent a lot of time talking about a couple of titles in the bril bill that senator dodd has put forward. there are other places in this bill that do in fact create an opportunity for large institutions that fail to

2:28:31 to 2:28:51( Edit History Discussion )

Bob Corker: continue on. treasury got involved in this bill a couple weeks before it came -- about a week before it came to committee and there are some loopholes in this bill that give treasury and the fdic the ability to allow large institutions to continue on without failing.

2:28:52 to 2:29:12( Edit History Discussion )

Bob Corker: my sense is, the senator from virginia knows what those are. my sense is e senator from connecticut, who is the chairman of the committee, knows what those are. and my sense is that on those topics -- and they do exist, so criticisms about the dodd bill, criticisms about the dodd bill

2:29:13 to 2:29:34( Edit History Discussion )

Bob Corker: allowing potentially creating some loopholes for large institutions not to go through orderly liquidation or bankruptcy, they're valid. but the fact is, i think we could fix those in about five minutes. my point is i think everyone understands what treasury did. i think everybody understand ises what the fdic did -- understands what the fdic d i think we could come to

2:29:35 to 2:29:56( Edit History Discussion )

Bob Corker: conclusion in solving that very, very quickly. i just wanted to say that that was not part of the title that senator warner came up w the focus has been on the $50 billion sphundz. i think senator warner eloquently talked about. there w fdic wanted $50 battalion as a

2:29:57 to 2:30:18( Edit History Discussion )

Bob Corker: debtor in possession fund to be operating, to figure out what the assets of these firms were worth before they sold them off. treasury wanted no funds. my guess is that at the end of the day, on the one hand you're protecting taxpayers more on the other hand you're not. but my guess is that the senator

2:30:19 to 2:30:41( Edit History Discussion )

Bob Corker: from virginia, the senator from connecticut might drop that in about five minutes. not that the senator from virginia is actually add -- advocating. he's trying to solve something else. that's something in about five minutes could be solved. so i do think that what senator warner has said is true.

2:30:42 to 2:31:03( Edit History Discussion )

Bob Corker: that is that the rhetoric around this, an issue that could be dealt with literally in about five minutes, is probably overheated. and the fact is that what we need to do is figure out a way to focus on this issue in an intelligent way. i think that as the senator from virginia mentioned, people on

2:31:04 to 2:31:25( Edit History Discussion )

Bob Corker: both extremes want to make sure that if a large institution in this company fails, it's just like the small institutions in this country. they go out of business. i think we're united on that. are there some flaws that exist? yes. did the bill get a little sideways at the end? yes. but do people understand the way

2:31:26 to 2:31:42( Edit History Discussion )

Bob Corker: we can deal with this in an intelligent, thoughtful way and fix that? yes. i wonder if the senator from virginia would wish to not maybe get into specifics but agree there are some flaws that need to be corrected, but we know what they are and they can be corrected pretty quickly; can