Tennessee Republican Bob Corker has been sitting down with Democrats to discuss proposed regulations of the financial industry.
Since March Corker and Virginia Democrat Mark Warner have hosted bi-partisan briefings. Lawmakers of every political stripe attend, and the experts brought in to speak offer seemingly opposite opinions – which Corker says…
“Makes it difficult, because we do have people who have been involved in this industry for years that have very differing points of view. And again there really shouldn’t be anything partisan about financial regulation.”
Senate Democrats want to create a new agency to oversee Wall Street. Many Republicans oppose the bill. Corker sees problems with it too, but he’s working to forge an agreement between the two sides. Corker voted for the Troubled Asset Relief Program or TARP. He says reform is needed so taxpayers don’t have to save banks again.
“It’s the one that would alleviate from our mentality in this country the “too big to fail” mentality that we’ve moved into what’s happened with TARP and its misuse and everything else.”
Corker and other Republicans also don’t like Democrats plan for a new consumer protection agency, but he still thinks there’s room for compromise.
Reported by Matt Laslo.