Update from Senator Bob Corker
May 12, 2012

Calling for Hearing on JP Morgan Losses

Yesterday, Senator Corker asked Banking Committee Chairman Tim Johnson to hold a hearing “as expeditiously as possible into the events surrounding the JPMorgan Chase & Co. trading losses.”

“I have been vocal in my belief that we need a vibrant capital market for debt and equity securities and about the need for balance in ensuring that we have a financial system that can meet the needs of a 21st century economy.  That said, clearly the losses posted by JP Morgan are significant, and as policy makers we should understand in detail what has transpired,” Corker said in the letter.

Full text of the letter is available here.

GAIN Act Advances in the House

Senator Corker’s Generating Antibiotic Incentives Now (GAIN) Act is continuing to advance in Congress. On Thursday, the GAIN Act’s companion legislation in the House passed out of committee as part of the FDA Reform Act of 2012. The GAIN Act encourages development of new medicines and streamlines the regulatory process in order to treat the growing number of antibiotic-resistant infections.

"Strong support for the GAIN Act among both parties and numerous health care stakeholders reflects the urgent need for development of new drugs to address this growing public health threat," Senator Corker said. "While I will carefully consider the overall FDA bill on its own merits, I’m hopeful the GAIN Act becomes law so we can help restore the pipeline for effective antibiotics without putting additional federal dollars at stake."

Last week, a Bloomberg View editorial endorsed passage of the GAIN Act. “In the battle between humans and infectious bacteria, humans have had the advantage, at least since antibiotics were introduced into our arsenal 70 or so years ago. Now, however, our weapons appear to be turning against us as germs have found ways to outfox antibiotics…We are glad to see that Congress has included the bipartisan Generating Antibiotic Incentives Now (GAIN) Act in the FDA user-fee reauthorization bill that is due to be passed by October. GAIN would extend by five years a company’s ability to exclusively market a new antibiotic, and it would direct the FDA to streamline its process for approving such drugs.”

Postmaster General Moving Forward with Cost-Saving Changes

Noting that the postal service is on track to lose $21 billion annually by 2016 without changes to its business model, Senators Corker, John McCain, and Tom Coburn have written to Postmaster General Patrick Donahoe urging him to “move forward with cost-saving changes.”

“As Senators committed to fiscal responsibility and preventing future taxpayer-funded bailouts, we support your efforts to put the USPS on a sustainable financial path for the future,” Corker, McCain and Coburn wrote to Donahoe.

Ending Government Dependence for Housing Finance

In an interview with Yahoo Finance, Senator Corker discussed his plan to responsibly unwind Fannie Mae and Freddie Mac and end dependence on the government for housing finance.

In November, Corker introduced the Residential Mortgage Market Privatization and Standardization Act to gradually reduce the portfolio of mortgage-related assets guaranteed by Fannie Mae and Freddie Mac and take steps to bring uniformity and transparency to the housing market so that private capital can being to replace the GSEs.


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Corker Receives ACU Conservative Award

On Thursday, the Chairman of the American Conservative Union, Al Cardenas, presented Senator Corker with the ACU Conservative Award.

“The ACU Conservative Award is a reflection of Senator Corker’s consistent support of conservative principles on a wide range of issues of concern to grassroots conservatives in 2011,” said Cardenas “At a time when the fundamental principles of the American system of government are being challenged, Senator Corker stands with those who are trying to preserve those principles.”

May 10, 2012 - Chairman Cardenas presents Senator Corker with the ACU Conservative Award.