Senate Proceeding 03-25-09 on Mar 25th, 2009 :: 0:17:55 to 0:22:30
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0:17:52 to 0:18:14( Edit History Discussion )

Bob Corker: trying to juggle what to first amid the crisis feel today. mr. president, this is a budget that we need to do right now. we need to move passed politics of -- we need to move past the politics of "no" and start working together to do what's right for american families. i urge my colleagues past the next election cycle and

0:17:55 to 0:22:30( Edit History Discussion )
Speech By: Bob Corker

0:18:15 to 0:18:37( Edit History Discussion )

Bob Corker: to pass america back on track again. thank you. mr. corker: mr. president? the presiding officer: the senator from tenton. mr. corker: mr. president, i rise to speak regarding amendment number 688, the crapo-corker amendment, and to the gentlelady from mic this is an opportunity for us all to say "yes."

0:18:38 to 0:18:58( Edit History Discussion )

Bob Corker: this is an amendment that is very important to people all across the country. what this amendment does, mr. president, is it takes -- gives the fdic the ability to have a line of credit that today is at $30 billion and it gives them a line of credit up billion, a line of credit for the fdic.

0:18:59 to 0:19:20( Edit History Discussion )

Bob Corker: it was put in place in 1991 when banking assets in our country were at $4.5 trillion. today bank assets in our cou total almost $13.7 trillion. and we have an fdic today that is hamstrung because of the financial crisis that we find our selfs in. so this bill would raise that

0:19:21 to 0:19:41( Edit History Discussion )

Bob Corker: line of credit from $30 billion, which is an establishment, to $100 billion today. secondly, what it would do is give the fdic with certain signatures required fed, from the treasury, from others, give them access to $500 billion -- ads 500 billion line of credit in the event they

0:19:42 to 0:20:02( Edit History Discussion )

Bob Corker: need to seize an institution to protect so this does two things. to make this relevant to people who will be voting on this amendment hopefully this afternoon, i think all of you know that the fdic has jus put in place a special my guess is that every person in this body has heard from

0:20:03 to 0:20:23( Edit History Discussion )

Bob Corker: community bankers and regional -- an even larger establishments about this special assessment. i know that in tennessee, many of the community banks actually would have a to spend an entire quarter's earnings to pay this special assess many. so by doing what we're doing in this amendment, we actually give the fdic time to amortize that

0:20:24 to 0:20:44( Edit History Discussion )

Bob Corker: special assessment over a number of years, which will cause it to be far more palatable for community bankers in partic that have had nothing whatsoever to do with the finanal crisis that we find ourselves in. secondly, and i think it ought to be eq people here, this gives the fdic

0:20:45 to 0:21:05( Edit History Discussion )

Bob Corker: the ability to move into organization quickly and to seize it to protect depositors' accounts. i know that right now that the fund is running thin. my guess is that that could affect and actually the fdic has lobbied for this -- this might affect future actions if they don't feel like they have the resources necessary to go into

0:21:06 to 0:21:29( Edit History Discussion )

Bob Corker: an organization, to do the things that they need to do to make sure that the depositors are protected. mr. president, this action is action that i would imagine we could almost get unanimous support for. as a matter of fact, my guess is we could voice vote this. as a matter of fact, i hope that

0:21:30 to 0:21:50( Edit History Discussion )

Bob Corker: will occur this afternoon. has been held hostage to what is called "the cramdown provision." the cramdown before this body. it was defeated overwhelmingly. numbers of democrats thought it was bad legislation. there have been a few senators here that have tried to attach

0:21:51 to 0:22:11( Edit History Discussion )

Bob Corker: cramdown to this legislation that we'll beoting on this afternoon and tried to exstouter action on cramdown by -- and tried to cramdown by holding this very good piece of policy at basement it is my hope that we'll do something that is very important-to-, especially to community bankers across the country, but also to depositors,

0:22:12 to 0:22:33( Edit History Discussion )

Bob Corker: to make sure that we have the ability to protect them, that the fdic has the ability to move quickly, move aside from extortionary politics and move towards doing something that is good for our country, good for community bankers and certainly very good for depositor