John Jenkins
865-803-8179 cell
Gatlinburg, TN
Email: jrjenki@gmail.com
Blogs: http://littlepigeon.blogspot.com/
http://alumcave.blogspot.com/
---Steve Jobs
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Update from Senator Bob Corker
December 15, 2012
Senator Corker made the following statement yesterday in response to the shooting at Sandy Hook Elementary in Newtown, Connecticut.
"Like any parent, I am heartbroken to hear what has happened, and like other Tennesseans, I am saddened for all the victims and families and have them in my thoughts and prayers," said Corker.
Meeting Our Obligation to Older and Younger Americans
Anticipating the possibility that an agreement to avert the fiscal cliff might not adequately reduce the nation's long-term deficits, Senator Corker introduced "dollar-for-dollar" legislation on Wednesday to raise the debt ceiling by roughly $1 trillion in exchange for roughly $1 trillion in reforms to Medicare, Medicaid and Social Security.
"I continue to hope Speaker Boehner and President Obama will negotiate a deal north of $4 trillion before year-end, but I think we should also prepare now for the possibility that they do not. The next opportunity we have to make the structural, transformative reforms to Social Security, Medicare and Medicaid that will save these programs and put our country on a path to fiscal solvency is the debt ceiling debate," said Corker. "I've introduced dollar-for-dollar legislation that will raise the debt ceiling by roughly $1 trillion in exchange for roughly $1 trillion in reforms to Social Security, Medicare and Medicaid. This bill incorporates many of the recommendations made in the bipartisan Simpson-Bowles and Domenici-Rivlin proposals. This bill meets our obligations to older and younger Americans. Young Americans expect us to solve our fiscal issues so they aren't saddled with debt and robbed of their opportunity for the American dream. And seniors expect us to honor the commitments we have made to them."
Read more about Senator Corker's "Dollar-for-Dollar Act" here.
Corker on CNBC's Squawk Box: Time to Discuss Social Security and Medicare Reform
Knoxville News Sentinel: Corker ties debt ceiling to entitlement reform
To Help Community Banks, We Should Fix Dodd-Frank
Yesterday, the Wall Street Journal editorial page reported on the Senate's vote "to end a 2008 rescue program for banks," crediting Senator Corker for doing "as much as anyone to protect taxpayers in this debate."
On Thursday, proposed legislation to extend the TAG (Transaction Account Guarantee) Program failed when a budget point of order raised by Senator Pat Toomey (R-PA) was upheld. The proposed TAG legislation violated the Budget Control Act passed by Congress and signed into law by President Obama last year.
TAG was a temporary measure established during the 2008 financial crisis to provide unlimited federal insurance for noninterest-bearing business accounts. With banks now holding sufficient deposits to support their outstanding loans and data showing that large institutions are by far the largest holders of TAG deposits, the program's benefit to the community banking system is, at best, unclear.
Prior to the vote, Senator Corker delivered remarks on the Senate floor urging his colleagues to uphold the budget point of order.
"I [had] amendments that would have fixed this bill, made it work for community bankers… The only reason we are voting on this amendment is that my friends on the other side of the aisle know Dodd-Frank has hurt community bankers throughout this country."
Earlier in the week, Senator Corker expressed his opposition to further extension of TAG.
"Some of what we passed in Dodd-Frank makes a great deal of sense, but much of it does not. And it's time for us to devote energy to fixing and improving the law where there are flaws. If we really want to help community banks, that is where we should focus our energy. Giving out limitless deposit insurance is what some people have decided is a consolation prize. That's too bad. We should fix Dodd-Frank if we want to help our community banks. Liquidity to make loans is not the problem. Slow economic growth is the problem. Extending insurance to keep these deposits around, then, fixes a problem that simply does not exist… [I]f we really want to help community banks thrive and succeed, our focus should be on dialing back Washington's desire to micromanage our banking institutions," Corker said on the Senate floor Tuesday.
Wall Street Journal: Put a Corker in It
"Senator Bob Corker (R, Tenn.), who did as much as anyone to protect taxpayers in this debate, helped fill in the blanks on Thursday. 'The only reason that we're voting on this measure is that the Members on the other side know that Dodd-Frank has hurt community banks,' he said. By then it was clear that Mr. Corker had started a conversation that Democrats really did not want to have. Pro-bailout lawmakers became suddenly silent on Thursday when the program's fate hung in the balance. In the final debate on Majority Leader Harry Reid's bill to extend the TAG, not a single Senator rose to defend the program's merits. Mark down a victory for taxpayers, but there is more to do. Next year's priorities should be to end too big to fail for the biggest banks, while easing Dodd-Frank's regulatory burdens on community banks so they have greater freedom to succeed." Read more: http://on.wsj.com/TS7zU1.
CONTACT INFORMATION
Washington, D.C.
185 Dirksen Senate Office Building | United States Senate | Washington, D.C. 20510
Phone: 202-224-3344 | Fax: 202-228-0566Chattanooga
10 West MLK Blvd., 6th Floor
Chattanooga, TN 37402
Phone: 423-756-2757
Fax: 423-756-5313Jackson
Ed Jones Federal Building
109 South Highland Ave., Ste. B8
Jackson, TN 38301
Phone: 731-424-9655
Fax: 731-424-8322Knoxville
800 Market Street, Ste. 121
Knoxville, TN 37902
Phone: 865-637-4180
Fax: 865-637-9886Memphis
100 Peabody Place, Ste. 1125
Memphis, TN 38103
Phone: 901-683-1910
Fax: 901-575-3528Tri-Cities
Tri-Cities Regional Airport
2525 Hwy 75, Ste. 126
Blountville, TN 37617
Phone: 423-323-1252
Fax: 423-323-0358Nashville
3322 West End Ave., Ste. 610
Nashville, TN 37203
Phone: 615-279-8125
Fax: 615-279-9488You can also Click Here to contact Senator Bob Corker using an online form
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