GOP: Aim Low on Wall St. Reform

Let our journalists help you make sense of the noise: Subscribe to the Mother Jones Daily newsletter and get a recap of news that matters.


That’s the message coming from the GOP’s lead negotiator in the Senate on a new Wall Street crackdown. Today Sen. Bob Corker (R-Tenn.), on CNBC to talk about the state of play in the Senate banking committee’s financial-reform negotiations, said no one should get their hopes up for a bill that tackles all parts of the financial-reform equation. “I don’t think we oughta try to pass legislation that solves every problem in the world,” Corker said. “I think when we do that we end up with things like [what] is happening right now with health care reform.” The junior senator from Tennessee added that a “middle of the road”—not too far to the left or the right—and “very solid” bill was the best outcome for the Senate banking committee, which has been embroiled in financial-reform talks for months now. (Below is the CNBC video, with more after it.)

On the one hand, Corker makes a fair point. Politics is compromise, and if the Democrats and Republicans on the banking committee try to inject their own ideologies into financial reform, we’ll still be waiting for the banking committee to release a bill in November. That said, a crisis, to borrow the well-worn adage, is a terrible thing to waste, and the financial crisis of 2008 and 2009 offered a once-in-a-generation opportunity for lawmakers to put aside partisan differences and pass a comprehensive, historic bill. That bill would do away with the government’s implicit bailout guarantee, protect consumers, shed some light on the derivatives industry, and try to end what Simon Johnson, former IMF chief economist, has called the “doom cycle.”

That window of opportunity, however, looks to have passed. Odds are, if and when the dust settles and a financial-reform bill lands on President Obama’s desk, that legislation will do far less than originally anticipated and possibly represent a victory for the financial services community. Sen. Corker’s comments today are further confirmation (if you needed more) that any chances of a major overhaul have disappeared.

THE TRUTH IS...

what drives Mother Jones' team of 50-plus journalists. The truth is powerful, as evidenced by how hard those with something to hide, or profit to gain, seek to discredit it. The truth, stated boldly and reported meticulously, is what draws so many readers to Mother Jones.

And the truth is, going into the final 4 days of the year we still needed to raise $TK to hit our $350,000 goal and start 2021 on track. It's nerve-wracking, wondering if the big spike we normally see at the end of December is going to be another thing that doesn't go as planned in 2020, or worse, if, now that Donald Trump is set to leave the White House (for longer than a taxpayer-funded golf trip to a property he owns), folks might be pulling back from fighting for the truth and a democracy and think the hard work is done.

It's not, and if you can right now, please consider a year-end donation to support our team's fearless nonprofit journalism so we can close that big fundraising gap and finish the year strong, ready for all that's ahead in 2021. Whether you can give $5 or $500, it all matters in keeping us charging hard, and we'd be grateful.

payment methods

THE TRUTH IS...

what drives Mother Jones' team of 50-plus journalists. The truth is powerful, as evidenced by how hard those with something to hide, or profit to gain, seek to discredit it. The truth, stated boldly and reported meticulously, is what draws so many readers to Mother Jones.

And the truth is, going into the final 4 days of the year we still needed to raise $TK to hit our $350,000 goal and start 2021 on track. It's nerve-wracking, wondering if the big spike we normally see at the end of December is going to be another thing that doesn't go as planned in 2020, or worse, if, now that Donald Trump is set to leave the White House (for longer than a taxpayer-funded golf trip to a property he owns), folks might be pulling back from fighting for the truth and a democracy and think the hard work is done.

It's not, and if you can right now, please consider a year-end donation to support our team's fearless nonprofit journalism so we can close that big fundraising gap and finish the year strong, ready for all that's ahead in 2021. Whether you can give $5 or $500, it all matters in keeping us charging hard, and we'd be grateful.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate