Tags: Corker | Reform | Bill | Obama | Economic | Policy

Corker Blasts Reform Bill, Obama Economic Policy

By    |   Friday, 16 Jul 2010 08:12 AM

The financial reform bill, which is on the verge of becoming law, will do more for lobbyists than the American people, says Sen. Bob Corker, R-Tenn.

He also had harsh words for President Barack Obama’s economic policy in an interview with CNBC.

As for financial reform, “Today we are going to do something that I don’t think is in our country’s best interest,” Corker said.

‘It’s a net negative for the American people.”

Lobbyists for big banks will make out better, as they work with regulators over the next 12 months to hash out the law’s implications, he says.

One result: “I think there is over time going to be less capital available and that capital that is available is going to be more expensive,” Corker said.

Congress late Thursday sent legislation to Obama that imposes sweeping new regulations on Wall Street and creates new protections for millions of consumers.

Turning to the Obama administration, he criticized it for focusing on ideology rather than jobs.

“This administration ... presses an ideology that basically creates a malaise over jobs.”

Other Republicans dislike the financial reform bill just like Corker.

Sen. Richard Shelby, Ala., the banking committee’s top Republican, called the bill a “2,300-page legislative monster.”

And top bank analyst Dick Bove told CNBC the bill will cost at least 10 million Americans their banking services.

That’s because financial penalties the bill imposes on banks will be passed along to their customers as fees. And that means many people won’t be to afford use a bank, he says.

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The financial reform bill, which is on the verge of becoming law, will do more for lobbyists than the American people, says Sen. Bob Corker, R-Tenn. He also had harsh words for President Barack Obama s economic policy in an interview with CNBC. As for financial reform, ...
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Friday, 16 Jul 2010 08:12 AM
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