Grassroots conservatives were rightly up in arms over Senator Corker’s game of footsie with far left Democrat Chris Dodd. The two worked together on President Obama’s effort to impose a massive new regulatory scheme on the American economy. Dodd, of course, is one of the architects of the current financial crisis. His decades long support of ACORN, Fannie Mae, Freddie Mac and the Community Reinvestment Act should have disqualified him from these negotiations in the first place.
The word from the halls of the Capital last week was that Corker was still trying to cut a deal with democrats… a bad deal.
But, it looks like Corker bailed after the constant pressure from conservatives this past week…
Senator Bob Corker (R-TN) just backed out of a deal with Dodd and democrats to establish a new federal bureaucracy to regulate the financial industry.
Congress Daily reported:
Senate Banking Chairman Christopher Dodd said today he will unveil legislation to revamp the nation’s financial regulatory system without the support of Sen. Bob Corker, R-Tenn., with whom he had been working to strike a bipartisan deal.
“Over the last few months, Banking Committee members have worked together to try and produce a consensus package. Together we have made significant progress and resolved a many of the items, but a few outstanding issues remain,” Dodd said in a statement.
Dodd said he intends to unveil the bill Monday and hold a markup during the week of March 22 to move the bill out of committee.
“I have been fortunate to have a strong partner in Senator Corker, and my new proposal will reflect his input and the good work done by many of our colleagues as well,” Dodd added. “Our talks will continue, and it is still our hope to come to agreement on a strong bill all of the Senate can be proud to support very soon.”
Corker is scheduled to hold a news conference at 11 a.m. to give his version of the breakdown of the talks.
We look forward to his press conference.
Senator Corker better have a good excuse for turning his back on conservatives.
Previously:
STOP THE MADNESS!… Stop Bob Corker & the Bank Bailout Sellout
