TAPPER: Austan, is there anything in the legislation that Democrats are pushing that President Obama wants to pass, is there anything that would have prevented what Goldman Sachs is accused of having committed?
GOOLSBEE: You know, I don't know the exact details, but there are a number of things that would go directly at the heart of some of these issues that are raised in these cases, like with securitizations, that the people who originate the securities have to maintain some ownership so that if they pack it full of things that are going to fail, they themselves are going to lose money when they do it. I'm certainly not going to comment on independent, you know, regulatory investigations, but these emails that are released, the CEO of Goldman is not going to win any popularity contests when over a period that ordinary Americans' pensions, houses et cetera were collapsing in value, they were actually making significant money off of it. If that's true, I think Senator Brown's point, that we've got to end the conflicts of interest and that the Volcker rule is really on point on that I think is also highly relevant.
TAPPER: Senator Corker, the status of the Wall Street reform bill. Right now, the members of the Senate Banking Committee are negotiating. Tomorrow, the majority leader, Harry Reid, is scheduled to bring it up for a vote. Do you think there will be a bipartisan compromise before that vote happens, and if not, are all 41 Republicans going to stand against proceeding to a debate?
CORKER: Look, first of all, I think everybody knows, Sherrod sure knows I want to see a bill. I think we do need to address regulation in our financial markets. You know, it's in play right now. The fact is, I know that Shelby and Dodd are actually on another program this morning. After that program, I know they're going to continue meeting, hopefully getting to a compromise before tomorrow evening.
And I think what we need to do is have a template. We don't need to address every issue in this compromise, but one that deals with derivatives, one that deals with consumer protection, and one that deals with this orderly liquidation. If we can get that template agreed to in a bipartisan way, then we can debate some of the amendments that Sherrod Brown wants to bring forth, some of the amendments I want to bring forth. But I think it's very, very important that we reach that bipartisan agreement first, because in the Senate, as you know, it takes 60 votes to change anything.
This is something, by the way, that everyone has committed to try to do, and that is to have this bipartisan agreement before it goes to the floor. I think it's important that we do so.
TAPPER: So if there is no bipartisan agreement, Republicans will block the motion to proceed to debating this bill?
CORKER: I think that's very likely. And I do want to say that we voted this bill, 1336 pages, we voted it out of committee in 21 minutes with no amendments, with the understanding that before the bill came to the floor, we would reach this bipartisan agreement.