Corker Says 'No' to Stand-Alone Consumer Protection Agency

Sen. Bob Corker, R-Tenn., has clarified that he is dead set against the creation of a Consumer Financial Protection Agency as a stand-alone agency and will not support financial regulatory reforms that include a CFPA. Late last week Sen. Corker volunteered to work with Senate Banking Committee chairman Christopher Dodd, D-Conn., in crafting a bipartisan reform bill. However, the Republican committee member is more interested in finding a consensus on ways to resolve failures of large financial institutions and deal with systemic risks. "Like most Republicans, I believe a stand-alone agency for consumer protection or separating those protections from safety and soundness are nonstarters. I will work to see if we can find a way to enhance consumer protection without negatively impacting the safety and soundness of our financial system, and if we cannot, this will not be a bill I can support," Sen. Corker said.