Dodd, Corker Share Views on New Financial Regulation Talks
Senate Banking Committee Chairman Christopher Dodd (D., Conn.) and Sen. Bob Corker (R., Tenn.) spoke separately with the Wall Street Journal Thursday about their new agreement to negotiate frankly over new rules to regulate financial markets. This came less than a week after Mr. Dodd said he had reached an ?impasse? with the panel?s reputation Republican, Richard Shelby of Alabama. Mr. Dodd said he questioned Mr. Corker on Tuesday night if he wanted to negotiate frankly, and that Mr. Corker said he wanted to reckon about it. The two met Wednesday — in the blizzard on Capitol Hill — and agreed to start discussions.
Dodd interview:
What does this agreement with Corker mean?
Dodd: ?It?s a real clear shot. Over the 30 years in the Senate, in every major effort I?ve been involved in, I?ve always felt it was vital substantively and politically to have a partner on the other side?Bob Corker has expressed a real interest in the theme matter. I say this respectfully about my friend Dick Shelby ? people have uncommon perspectives?I sort of felt we weren?t getting anywhere. Things had stalled?We were stalled, we weren?t getting from the talking points to drafting and putting a bill together?There has to be a willingness on the other side?or it?s the sound of one hand clapping, and nothing happens except a lot of speeches and a lot of fingerpointing?I?m excited about Bob Corker willing to take on this job. I admire his courage and willingness to step up.?
Do you reckon Sen. Corker has the ability to bring other Republicans with him?
Dodd: ?I reckon if we do our jobs and do a excellent job there will be others who will want to join our effort.?
Can differences be bridged on consumer issues?
Dodd: ?I believe so, and we?re probably not to do it to the satisfaction of anyone. To some it may be too strict, to others not strict sufficient?At the end of the day, Bob and I and other members of the committee have to place a bill together?we?re going to write a bill together which is the only way this process facility.?
Sen. Corker interview:
How did this come together?
Corker: ?We had talked the night before on the phone. I wanted to reckon about?what framework I felt would be constructive. We met at 2 or 2:30 [p.m.] and agreed that we would try to negotiate a bipartisan financial reform bill. I called the Republican leadership immediately to let them know of my plans. Our staffs met days gone by by conference call?who knows if we?ll be successful. Obviously this puts me in a small bit of an awkward house, but I do reckon that financial regulation is something that needs to be dealt with.?
What will be some of the goals?
Corker: ?I reckon every American wants us to have a resolution mechanism in house, so it?s not in the situation again where citizens across this country are bailing out a large institution. I don?t reckon that?s something that meets anyone?s standards?At the very minimum we need to do that?Obviously there are some issues surrounding derivatives. There are some issues we are going to have to deal with on consumer protection. That has to be done with an appropriate balance?That will probably be the toughest issue?In business I used to always leave the stickiest issues to last. Let?s figure out what we agree upon first. Let?s build some entrust among members.?
How do you reckon the reaction will be among other Republicans on the committee?
Corker: ?I reckon that members of the committee know that I?m sound philosophically. I reckon they know that?I don?t know what the response is going to be. We?ll see how that plays out.?