Top GOPer Disavows Wall St. Bill

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.


Sen. Bob Corker (R-TN), a top GOP negotiator in the Senate’s financial reform battle, told the Wall Street Journal that he “absolutely cannot support” the Senate’s Wall Street overhaul, a thousand-plus-page bill largely crafted by Sen. Chris Dodd (D-CT). Dodd is the chairman of the banking committee, which recently passed a financial reform bill on a 13-10 party-line vote; Corker is a member of the committee as well, who’d closely negotiated with Dodd for weeks on the bill. “I couldn’t support the bill in its current form,” Corker told the Journal. “I am absolutely not throwing in the towel. I have no plans to support the current legislation. I hope we’ll get back to the negotiating table.”

Corker had more recently made headlines as a potential defector from the Republican camp to side with Democrats on financial reform. (The Huffington Post exclaimed, in a blaring headline, that Corker was “going rogue.”) In remarks at the US Chamber of Commerce last week, Corker criticized the GOP’s decision to not negotiate financial reform in committee, instead saving the inevitable battle for the Senate floor. The Tennessee senator called this decision “a major strategic error” by Republicans.

Now, however, top GOP brass appear to have reined Corker back in with a party that largely opposes the financial reform bill as it stands. The Republicans have clashed with Democrats on a number of issues in the bill, including an independent consumer protection agency, the creation of a council to guard against too-big-to-fail, and greater shareholder input on executive compensation. The potential loss of Corker could be a blow to Democrats, who need at least one Republican vote to pass the bill. The Senate plans to begin negotiations on financial reform when they return from recess in mid-April.

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