Tennessee Republican Senator Bob Corker helped delay the debate over reforming the nation’s financial system Monday. Democrats failed to get the 60 votes needed to begin discussion on the bill.
Corker says the Democrat’s bill fails to address the subprime lending that led to the near financial collapse. He says the legislation needs to include minimal borrowing standards so consumers don’t take out mortgages they can’t afford.
Even with one Democrat opposing the bill, critics say Republicans are too cozy with Wall Street. Corker denies that and points to a provision he’s offering that calls for CEO’s at failing firms to repay their last five years of salaries.
“I plan to offer an amendment that says if any of these institutions fail they go after the earnings of these guys. So, I mean, to my knowledge that’s one of the toughest provisions that’s been added to this bill.”
Corker has received more than $2 million from financial firms in the last five years. He spent the last year trying to work out a bi-partisan compromise, but he says he’s still hopeful an agreement can be reached.
Capitol News Connection reporter Matt Laslo produced this story.
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