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WASHINGTON, D.C. – U.S. Senator Bob Corker (R-TN), a member of the Senate Banking, Housing and Urban Affairs Committee, today said he would vote in favor of the economic rescue bill and emphasized that the bill is about Main Street, not Wall Street.

“If this were about Wall Street it would be a very different debate, but this is about trying to prevent a catastrophe on Main Street,” said Corker, who has been heavily involved in discussions over the past two weeks. “I’m supporting this rescue plan to try to avoid an economic calamity that would affect every Tennessean’s and every American’s ability to get a car loan, a home loan, a student loan, use a credit card or even cash a paycheck.

“We have spent a great deal of time trying to improve the original proposal by Treasury Secretary Paulson, and after numerous conversations with Paulson, Fed Chairman Ben Bernanke, SEC Chairman Chris Cox, and FDIC Chairman Sheila Bair and intense negotiations, I believe we have produced a strengthened bill that protects taxpayers, provides accountability and oversight, limits exorbitant executive pay. It will actually strengthen the banking system in Tennessee by allowing the FDIC to insure deposits up to $250,000 for one year, a significant increase from the current $100,000. No piece of legislation is perfect and this plan will have flaws, but I believe it will pass because this unprecedented time in our nation’s economic history leaves us little choice but to adopt it as soon as possible.

“As many Tennesseans will recall, I strongly opposed the $168 billion so-called economic stimulus package last spring and likened it to throwing cash in a mud puddle, but there’s a stark difference between that giveaway and this investment plan. Through this rescue plan, we will purchase assets that will hopefully produce gains, and 100 percent of any income made will go toward paying down the debt. If our resources are invested properly, the federal government will get all of its money back and taxpayers may even see a return on the investment.

“Americans are angry, and they should be. I share their anger. Wall Street, regulatory agencies, and policy makers in Washington failed America – and let’s face it, too many Americans borrowed money for houses they simply could not afford. The reckless way Wall Street has taken risks and made choices that have pushed our credit markets to a breaking point is reflective of the way Washington has run up the federal deficit and refused to control spending. I am hopeful that passage of this plan will be the beginning of a strong focus on cleaning up the mess in Washington and on Wall Street.”

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