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.”


Latest Hamilton County Jail Booking Report

Here is the latest jail booking report from Hamilton County: ALLMON, MELISSA LYNNE  1608 NORTH CHESTER ROAD HIXSON, 37343  Age at Arrest: 24 years old Arresting Agency: Hamilton County Booked for Previous Charges or Other Reason(s) --- AUFFARTH, SAMUEL JAMES  20 MASON DRIVE APT #214 RED BANK, 37415  Age at Arrest: 25 years old Arresting Agency: ... (click for more)

Alexander Gives Statement On Reports Of Anthrax Shipment To Labs in Tennessee, Other States

Senator Lamar Alexander on Wednesday n ight  released the following statement on reports that the Defense Department may have inadvertently shipped live anthrax spores to a lab in Tennessee: “I’m very concerned about the possibility that lab workers in Tennessee or those in other states may have been exposed to anthrax because of this disturbing breach in safety procedures. ... (click for more)

The Truth About The Rising Costs To East Ridge On The Fire Hall Property

Re:East Ridge Has To Pay Unexpected $428,000 On Bass Pro Shop Deal   H ere is the truth about this article.    One section of the article says: " Unknown to anybody on the council today, the agreement limited use of the land to a fire hall."     In a letter dated Dec. 15, 2010, Mayor Lambert asked TDOT officials to ... (click for more)

Roy Exum: I Know About Dowries

There is a lawyer in Kenya who wants to meet President Barack Obama very badly. He knows the President will visit Kenya in July and the noble, young lawyer, Felix Kiprono, is very sincere when he says he wants to marry the oldest of the Obama daughters, 16-year-old Malia. He became interested in Malia in 2008 and can proudly say he has dated no other women since then, it has just ... (click for more)

Harris Leaves Tyner For Administrative Job At Dalewood Middle

Long-time Tyner Academy boys basketball coach Gerald Harris has resigned his coaching position to accept a job as assistant principal at Dalewood Middle School. Harris, 49, was offered and accepted the administration job last Friday and met with last year’s team on Tuesday to break the news to his players. “I’ve been coaching a long time and I’ve said goodbye before,” Harris ... (click for more)

Atlanta Silverbacks Dodge Chattanooga Upset In Overtime

The Chattanooga Football Club was minutes away from a 1-0 upset of visiting Atlanta Silverbacks in the third round of the US Open Cup. After battling for 87 minutes of scoreless soccer, the Chattanooga team representing the NPSL scored the potential game winner when Luke Winter finished off a cross from John Finlay. Minutes later, a foul in the box by CFC led to a Atlanta ... (click for more)