Dodd Praises Corker for Trying to Create Powerful Independent Agency, 'Like We've Never Had Before'

Friday night on National Public Radio, a fitting place to announce an unprecedented growth in federal power, Sen. Chris Dodd praised his partner in crime Sen. Bob Corker for working together to create an “independent, autonomous, rule- writing entity, unlike anything we’ve ever had before.” That is exactly why Tea Party activists from across the Volunteer State gathered in front of Corker’s office this past week to protest his back room dealmaking.

Why would Corker ignore his constituents and abandon all conservative principles to work for legislation that earns him praise from Chris Dodd of all people? Here’s why.

The big banks and Wall Street firms support the President’s Financial Reform package. The House passed bill contains the mother of all bailouts — a $4 trillion authorization for the Federal Reserve to continue to bailout firms for decades to come. In fact, as conservatives in the House reminded us when the Obama/Frank bill was on the floor, this bill makes bailouts the permanent policy of the US government. And who gets those bailouts? The same banks and firms that support the bill. And who does Wall Street rain campaign contributions on? None other than Bailout Bob Corker.

Corker has raised over $3 million from Wall Street and related firms since being elected to the Senate. That’s a lot for a freshman Senator. It seems like Wall Street is finally getting a good return on their investment.

And what about creation of this “independent, autonomous, rule-writing entity, unlike we’ve ever had before?”

That entity won’t be regulating Wall Street. it will be regulating Main Street. Stores with layaway plans. Check cashing companies. Payday lenders. Debt settlement companies. Car Dealers and pawn shops (if their lobbyist written exemption falls out) will all be regulated by the federal government.

And that’s just for starters. How many government agencies do you know of that get less powerful as they go along? And how many can you think of that continue to grab more and more power over more and more parts of our lives?

And Bob Corker wants to add a new one. “unlike we’ve ever had before.”

So much for federalism. Wall Street has nothing to fear from the creation of the so-called “Consumer Financial Protection Agency.” We do.

It looks like Sen. Corker is willing to turn his back on the principles of smaller government and the free market to please his Wall Street friends. We hope we are wrong but the damning evidence suggests otherwise.