Corker Opposes Wall Street Reform Bill As Written

Sunday, April 25, 2010

Senator Bob Corker today reiterated his opposition to the Dodd regulatory reform bill as written, expressed continued hope that bipartisan agreement can be reached and discussed ways of addressing what he calls “fundamental omissions” in the underlying legislation.

Senator Corker shared some of his concerns and ideas for improvement on ABC’s “This Week.”

He said, “While the Dodd bill addresses some important issues, including systemic risk, orderly liquidation, consumer protection and derivatives regulation, there are still many changes that need to occur before we move to debate the bill on the floor. If an acceptable bipartisan agreement can be reached allowing the bill to advance, I plan to introduce a series of amendments to address what I believe to be some fundamental omissions in the underlying legislation.

“At the core of the financial crisis were home loans that should never have been written because the borrowers could not repay them. To correct this glaring vulnerability in our financial system, I’ve stressed the need to establish minimum loan underwriting standards that would require an appropriate down payment and verification of the borrower’s ability to pay for the life of the loan. Such requirements do not exist in the Dodd bill, and I intend to introduce them on the floor.

“Additionally, investors who purchased mortgage-backed securities had no way of enforcing the representations and warranties made by the sponsors because they lacked access to critical underlying data or a third party opinion. Instead, they relied on the securitizer or the credit rating agencies that all suffered from significant conflicts of interest. I will address that problem by mandating disclosure and transparency of information.

“And finally, if a financial firm fails and must go through resolution, compensation and bonuses received by upper level executives and board members should be used to repay the firm’s creditors. I will offer language requiring the FDIC to execute this clawback provision as part of the orderly liquidation process. Never again can we allow failure to be rewarded.”


Recently Found Audio Of Ronald Reagan's Visit To Chattanooga In 1976

This recently found audio of Governor Ronald Reagan's visit to Chattanooga, on May 21, 1976, on a campaign stop. He spoke at Tennessee Temple College. At the end of Mr. Reagan's talk there are remarks by then Chattanooga Mayor Pat Rose and Dr. Lee Roberson, longtime pastor of Highland Park Baptist and Tennessee Temple. (click for more)

Walker County Arrest Report For Aug. 25-31

Here is the Walker County arrest report for Aug. 25-31: ALEXANDER    MATTHEW    TODD    W/M    35    Officer CARTER    BATTERY FVA RUSSELL    CASEY    LEWIS    W/M    30    Officer OWENS    SUSPENDED ... (click for more)

Decimating The Chattanooga Public Library

Corinne Hill claims that the library is just undergoing a normal weeding process for eliminating books.  She has bragged that she's responsible for the elimination of over 100,000 books - with more to go. "Normal" weeding is not rampant throwing away.  Yes, books go to the Friends for their sale - where they get $2 for a $75 book and thousands wind up being recycled ... (click for more)

The Many Lessons I Learned From Helen McDonald Exum

Helen McDonald Exum was my friend and mentor. As I think of her passing I can only imagine the celebration that is happening in heaven as the news of her arrival is being told. I am sure that there is a party that not only has she organized but that there is not a detail that has been left to chance. I am sure that it is the grandest of events, for you see, she has been planing ... (click for more)

Worley-Powered Vols Clobber Utah State, 38-7, In Opener

KNOXVILLE, Tenn. – Tennessee, trying to snap out of the doldrums of four consecutive losing seasons, started its 2014 campaign in fine fashion Sunday night before a season opening sellout crowd of 102,445 that endured a heavy rain story 30 minutes prior to kickoff. And senior quarterback Justin Worley, who missed the final four games in 2013 after undergoing thumb surgery, was ... (click for more)

Lookouts Reach Southern League Northern Division Playoffs With Doubleheader Win Over Smokies

The Chattanooga Lookouts are now playoff bound after sweeping a double-header against the Tennessee Smokies  to clinch the Southern League North Division for the second half of the season. The first game of the double-header was backed by a masterful gem of a game thrown by the starter for the Lookouts, Steve Smith (W, 3-2). Smith dominated the Smokies' lineup from top ... (click for more)