Top GOPer Disavows Wall St. Bill

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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.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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