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 directly over new rules to regulate financial markets. This came less than a week after Mr. Dodd said he had reached an impasse with the panels ranking Republican, Richard Shelby of Alabama. Mr. Dodd said he asked Mr. Corker on Tuesday night if he wanted to negotiate directly, and that Mr. Corker said he wanted to think 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: Its a real positive shot. Over the 30 years in the Senate, in every major effort Ive been involved in, Ive always felt it was important substantively and politically to have a partner on the other side Bob Corker has expressed a real interest in the subject matter. I say this respectfully about my friend Dick Shelby people have different perspectives I sort of felt we werent getting anywhere. Things had stalled We were stalled, we werent getting from the talking points to drafting and putting a bill together There has to be a willingness on the other side or its the sound of one hand clapping, and nothing happens except a lot of speeches and a lot of fingerpointing Im excited about Bob Corker willing to take on this job. I admire his courage and willingness to step up.
Do you think Sen. Corker has the ability to bring other Republicans with him?
Dodd: I think if we do our jobs and do a good job there will be others who will want to join our effort.
Can differences be bridged on consumer issues?
Dodd: I believe so, and were probably not to do it to the satisfaction of anybody. To some it may be too strict, to others not strict enough At the end of the day, Bob and I and other members of the committee have to put a bill together were going to write a bill together which is the only way this process works.
Sen. Corker interview:
How did this come together?
Corker: We had talked the night before on the phone. I wanted to think 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 yesterday by conference call
who knows if well be successful. Obviously this puts me in a little bit of an awkward place, but I do think that financial regulation is something that needs to be dealt with.
What will be some of the goals?
Corker: I think every American wants us to have a resolution mechanism in place, so its not in the situation again where citizens across this country are bailing out a large institution. I dont think thats something that meets anybodys 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. Lets figure out what we agree upon first. Lets build some trust among members.
How do you think the reaction will be among other Republicans on the committee?
Corker: I think that members of the committee know that Im sound philosophically. I think they know that I dont know what the response is going to be. Well see how that plays out.