On the recordMay 5, 2010
For over a year, Senator Shelby and I have been working on ways to end bailouts. We agree that ought to be done. We have had differences in other areas, but we have shared a commitment to ensure that taxpayers would never again be forced to bail out giant Wall Street firms that fail. Last November, I asked our colleagues from Virginia and Tennessee, Senator Warner and Senator Corker, to produce an agreement on how best to resolve failed companies. They did a tremendous job. I commend both of our colleagues. They worked hard, as did their staffs, to draft language as part of the underlying bill. The package they produced would create effective oversight for large firms and make these firms pay for the risks they pose to our economy and country. Their agreement put a mechanism in place to guarantee that when large firms fail, they fail.
