Senate Minority Leader Mitch McConnell and other leading Republicans have railed against the proposed $50 billion fund, saying it will institutionalize bailout. They've made it the centerpiece of their critique of the Dems' reform bill. Corker has pointed out that, not only is this characterization false, but it's also dangerous. Democrats are poised to remove the fund, and if they do, and GOP leadership continues to oppose the bill, they'll have a lot of explaining to do.
I asked Corker why, if the GOP talking point is false, and the liquidation fund will not lead to bailouts, he signed his name to a letter alleging that the bill "allows for endless taxpayer bailouts of Wall Street."
Corker waved his hands. "It is a fact that the looseness of the language around some of the regulators could give them the ability to do endless bailouts," Corker said. "Do I believe that this fund is that? No, I do not. So my point is the letter was factually correct but for reasons--not what's been stated publicly but for other substantive reasons."