Political Quotes

“Let me just acknowledge that we may--the Senator from Tennessee and I may differ slightly on how large some of the things the Treasury and FDIC put in at the end--because clearly one of the things that I think the Senator from Tennessee--and we can very quickly get into the weeds, but the weeds are important on this--the so-called 13-3 authority of the Fed would no longer be used for specific institutions, but the ability to help supplement around a liquidity crisis so that we don't have firms move from a liquidity crisis into a solvency crisis was an important tool, but it was perhaps misused in the past in terms of targeted at specific firms rather than issue-wide. There are certain other aspects that I believe can be corrected, but the overriding point that I think Senator Corker and I both want to make is I think we put together, at least in title I and title II--and I think there has been good work done in other parts of this bill as well, but in title I and title II, systemic risk, too big to fail resolution--we have put the framework in place that while some on both ends of the political extremes may be attacking, the overwhelming response has been that this is a good framework. Like any piece of legislation, it needs some fine-tuning, but the fine-tuning ought to be preserving this framework, perhaps moving back from some of the pieces the FDIC and Treasury put in place.…”