Corker denies “exemption” reports
March 10, 2010 | federal legislation, industry | Comments (0)A top Republican in U.S. Senate talks on financial regulation reform said on Wednesday there are no special exemptions for particular institutions in a proposed new government financial watchdog agency.
Amid reports that he has pressed in negotiations for special treatment in legislation for payday lenders, Senator Bob Corker said, “There are no carve outs for anybody.”
The first-term Republican also reiterated, in remarks at a conference, that consumer protection should not be allowed to trump supervision of bank safety and soundness — a position Republicans have held consistently through months of debate.
This could be simply about wording as the bill focuses on “systemic risk.” That obviously would exclude payday lending as well as other industries.
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