Sen. Bob Corker says the banking system — especially the largest players in the country — no longer need lawmakers to extend a special Federal Deposit Insurance Corp. program launched in 2008 and renewed two years ago. The focus from D.C. when it comes to banking, he says, is to reform parts of the massive Dodd-Frank bill, which has imposed a series of new regulations that are weighing especially heavily on community banks.
"Some of what we passed in Dodd-Frank makes a great deal of sense, but much of it does not. And it’s time for us to devote energy to fixing and improving the law where there are flaws. If we really want to help community banks, that is where we should focus our energy.
"Giving out limitless deposit insurance is what some people have decided is a consolation prize. That’s too bad. We should fix Dodd-Frank if we want to help our community banks."