Corker hoping Senate votes soon on Dodd-Shelby agreement

An amendment that would close half a dozen loopholes should be approved early in the amendment process, Sen. Bob Corker (R-Tenn.) said Tuesday. 

Language is still being worked out on an amendment co-authored by Senate Banking leaders Chris Dodd (D-Conn.) and Richard Shelby (R-Ala.) that would end 'too big to fail' by closing loopholes used by the Federal Reserve and FDIC to to help failing firms. 

Closing the loopholes would lead to a process by which the federal government and firms would follow in cases of failure. It would essentially end the 'too big to fail' mentality perpetuated by the 2008 financial crisis. 

"If we can get that behind us I think it moves us on to a lot other issues, "Corker told reporters. 

Corker said there are about six loopholes, including one where creditors would have to return federal government funds above what they would have received if a firm had gone straight to bankruptcy. 

"This makes sure we're getting that money back from those creditors," said Corker, who hadn't seen final language as of lunch time today.

For example, Goldman Sachs collected millions it was owed from AIG after the firm received federal bailout money. When questioned by lawmakers last week, Goldman CEO Lloyd Blankfein said AIG owed them the money and he doesn't know from which account it was drawn. 

Lawmakers tried to point out that most likely it was taxpayer money and it shouldn't have been given to Goldman. 

Corker hasn't decided whether he'll to offer an amendment on the consumer protection agency piece of the bill. He's developed one and expects someone will offer an amendment on the consumer agency provisions, which some Republicans have argued is too sweeping.