Sen. Bob Corker (R-TN), a top GOP negotiator in the Senate’s financial reform battle, told the Wall Street Journal that he “absolutely cannot support” the Senate’s Wall Street overhaul, a thousand-plus-page bill largely crafted by Sen. Chris Dodd (D-CT). Dodd is the chairman of the banking committee, which recently passed a financial reform bill on a 13-10 party-line vote; Corker is a member of the committee as well, who’d closely negotiated with Dodd for weeks on the bill. “I couldn’t support the bill in its current form,” Corker told the Journal. “I am absolutely not throwing in the towel. I have no plans to support the current legislation. I hope we’ll get back to the negotiating table.”
Corker had more recently made headlines as a potential defector from the Republican camp to side with Democrats on financial reform. (The Huffington Post exclaimed, in a blaring headline, that Corker was “going rogue.”) In remarks at the US Chamber of Commerce last week, Corker criticized the GOP’s decision to not negotiate financial reform in committee, instead saving the inevitable battle for the Senate floor. The Tennessee senator called this decision “a major strategic error” by Republicans.
Now, however, top GOP brass appear to have reined Corker back in with a party that largely opposes the financial reform bill as it stands. The Republicans have clashed with Democrats on a number of issues in the bill, including an independent consumer protection agency, the creation of a council to guard against too-big-to-fail, and greater shareholder input on executive compensation. The potential loss of Corker could be a blow to Democrats, who need at least one Republican vote to pass the bill. The Senate plans to begin negotiations on financial reform when they return from recess in mid-April.