Thursday, April 1, 2010

Was Bob Corker Elected by The People, or The Banks?

This is what Bob Corker "The Senate Loan Shark" is saying about Consumer Protection.

As Reported in The Tennessean.

Corker served temporarily as lead negotiator for the Republicans in the Senate banking committee, before U.S. Senator Christopher Dodd, D-Connecticut, moved the bill out of committee earlier this month with provisions in it that Corker was still trying to get changed, such as:

• The Consumer Financial Protection Bureau. Corker is not against the creation of an agency – but he wants banking regulators to have veto power over the rules created.

Let me get this straight. Corker wants the Regulators of Banks to be able to Veto Consumer Protection Laws? Sounds like a conflict of interest to me.

But Corker wasn't done.

• Requiring banks to hold onto five percent of the loans they create, rather than selling them all to other investors. “That’s not going to address the problem,’’

I think part of the problem that led to the Great Recession was simple. We have a nation that sells debt to other institutions. If those sellers of the debt have a 5% stake in the loan sold. It stands to reason they might be more prudent when loaning funds.

Kieth Olbermann talked about Corker's strange take on Consumer Protection last night.

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