Says It Includes Greater Oversight And Taxpayer Protections
posted September 25, 2008
Sen. Bob Corker said Thursday that a bipartisan "agreement in principle" had been reached on a mortgage bailout program.
Sen. Corker made the following comments after meeting with other key lawmakers "negotiating legislation to respond to our country’s economic crisis."
He said, “Earlier today I participated in a three-hour meeting with a negotiating team of House and Senate members from both sides of the aisle. We came out with an agreement in principle that includes greater oversight, taxpayer protections, and restrictions on executive compensation. I remain hopeful that language can be approved before the markets open on Monday.
“We are dealing with rapidly deteriorating conditions in our credit and lending markets. As I’ve said throughout the week, this crisis makes little distinction between Wall Street and Main Street. Every single one of us is affected hugely by the credit markets whether it is in our money market accounts, our retirement and savings, our ability to borrow money or cash a paycheck, or the contraction of our economy. Jobs, small businesses, mortgages, and our children’s futures are at stake.
“From the beginning, I’ve expressed concerns that what Secretary Paulson and Chairman Bernanke presented was a concept, not a plan or a bill, so I appreciate being part of a process to put appropriate taxpayer protections, oversight and other procedures in place.”
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