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.”



Upcoming City Council Agenda For Tuesday

Here is the upcoming City Council agenda for Tuesday: I. Call to Order. II. Pledge of Allegiance/Invocation (Chairman Mitchell). III. Minute Approval. IV. Special Presentation. V. Ordinances – Final Reading: LEGAL a. An ordinance amending Chattanooga City Code, Chapter 2, Article II, Division 2, by adding a new Section 2-49, relating to Legal Liability ... (click for more)

Ellison Charged With Beating Woman with Stove Pot In Front Of Her Daughter

Police arrested Kelvin Ellison on charges of beating a woman with a stove pot in front of her daughter. Ellison, 46, of 5620 Spring Garden Lane, is charged with especially aggravated burglary, two counts of domestic assault and vandalism. In the incident on Wednesday,an officer found a woman crying and covered in blood.  Police were advised that a man on the other ... (click for more)

Mayor Invites Civil War II - And Response (7)

I just received an email from the Mayor stating that he filed paperwork to remove the city of Chattanooga as the trustee for the Confederate Cemetery on Third Street. I understand the Mayor's intent was to distance the city from it's racist past and subsequent hate, but I feel like this is an interesting move without much thought of the consequences. The Mayor prefaced his ... (click for more)

Confronting Racism In Public Education

Like most Americans, we have been bothered by the news in recent days. And as we have struggled to understand the racial issues that continue to confront our nation, we are left to ponder the issue even more within the context of public education.  The vast majority of Americans know that racism is wrong. It is one of the few issues on which almost everyone can agree. We ... (click for more)

Baylor Scores Six Straight TDs In 42-21 Win Over Irish

Notre Dame coach Charles Fant knows that the only way his Fighting Irish football team will get better is to schedule teams that are better. Fant got his wish Thursday night at Finley Stadium in the opening game of the first-ever Kickoff Classic as Notre Dame challenged the Baylor Red Raiders. Nobody scored in the first quarter, but the Irish drew first blood with a touchdown ... (click for more)

Lady Raiders Start Season With Sweep Of Lady Owls

CLEVELAND, Tenn. – A year ago, Cleveland dominated perennial District 5-3A volleyball contender Ooltewah by winning all three matches between the two rivals. The last time the two teams clashed was in the district tournament championship game and the Lady Blue Raiders won 3-1 after posting a pair of 3-0 wins during the regular season. The Lady Raiders and Lady Owls squared ... (click for more)