Major changes on financial regulation unlikely, Corker says

A financial regulatory reform bill isn't going to get any better before it's passed and a conference may be the only hope for much-needed changes, a leading Republican negotiator said Thursday. 

"As someone who spent the last year and a half working on it, I'm under no illusion that this bill is going to get better. I'm disappointed," Sen. Bob Corker (R-Tenn.) told reporters today. 

After a mostly party-line vote Wednesday on an amendment to change the derivatives portion of the bill authored by Republican Sens. Richard Shelby (Ala.) and Saxby Chambliss (Ga.), the fate of the bill was sealed, he said. 

"I think we all realize that this there's no real attempt for a bipartisan bill," Corker said. "We're outnumbered."

He said there may be a few Republicans who are satisfied with the bill but he's "not going to vote for a bad bill."  

Although Corker didn't rule out a "miraculous" event within the next week -- such as an amendment by bill manager Sen. Chris Dodd (D--Conn.) to improve the bill -- he expects the bill to pass without changes to consumer protection agency and derivatives provisions, which could sway more Republicans to support the measure. 

"If that happens I would support it," he said. 

Some lawmakers have theorized that Democrats will wait until after the Senate primary of Democrat Blanche Lincoln (Ark.) to make changes to the derivatives part of the bill she wrote. 

Corker said if he were to "wager" on the derivatives portion he doesn't think it will become law. 

Once the bill goes to conference so the House and Senate can negotiate the final measure, Corker thinks Republicans may have a chance to make some changes. 

"Behind closed doors people actually might make this bill be better than it is today," he said. "That's a rare case when you're in the minority but many of us are beginning to believe that we're going to be better off with a conference."