BROWN: Well, I hope so and I think so. I -- this goes back to really your first question on the conflicts of interest on Wall Street, that you really can't serve two masters. You can't serve your clients and serve yourself and play these transactions one off against another. And I think that these -- anything we do in this bill, whether it's consumer protection standalone -- I hope that the Consumer Protection Agency, whether it's regulation of derivatives, whether it's too-big-to-fail, whether it's the Volcker rule separating out proprietary trading and, as I say, from standard banking practices. Any of those conflicts of interests, we have to address in this bill, and I think that -- I think that Senator Lincoln and her draft in the Agriculture Committee that we voted out last week, we got one Republican supporting it, Senator Grassley did. And I think that was a good sign. I think it means that there will be a number of Republicans that are as open-minded as Senator Corker, that will want to move forward Monday night.
And again, just to let us begin the debate. I mean, the Monday vote is going to be -- are we going to start the debate or are we going to shut it down and continue negotiating, negotiating, negotiating. I, to me, the legislative process is, you put a bill on the floor and then Bob Corker offers his amendment that I like that he just mentioned, in terms of in the resolution authority, what to do with these executives that brought us there. I offer my amendment on too-big-to-fail means too big. Dozens of other amendments will be offered, we'll see what happens, and then we vote on a bill.
TAPPER: Austan, can you get behind Senator Lincoln's provision to separate derivatives trading from banks that have federally insured deposits?
GOOLSBEE: If you take a step back, this issue of derivatives is totally central. Now, three years ago, virtually no one in America had even heard of derivatives, or if they had, they had nightmares of their, you know, college math class or something. The fact is that there are now $600 trillion of derivatives that are trading in the dark, that we know virtually nothing about and are unregulated. And it's not just a party that's taking place on Wall Street that has no impact on America. They're exactly the things that threatened to blow up the entire financial system with AIG. So the president's completely committed that we are going to bring the $600 trillion out into the open and under the regulatory umbrella.
Now, I think we made great progress that in both the Dodd and Lincoln's versions of what would happen with derivatives, we purged a bunch of the loopholes that some of the banks had gotten put into the bills before. The president is not going to allow putting loopholes in that let these $600 trillion get back into the dark and threaten the whole system.
We can work on the -- so the--
TAPPER: But you guys--
TAPPER: -- don't support separating it, though, right?
GOOLSBEE: Well, there are several very technical aspects of difference between the Lincoln bill and the Dodd bill--
TAPPER: It's not really actually that technical, whether or not--
GOOLSBEE: I don't agree with that.
TAPPER: It's whether or not commercial banks should be able to do this. Senator Corker, I hear you giggling--
TAPPER: You think Senator Lincoln's provision goes a little too far, right? Senator Corker?