BUSINESS
05/30/2010 05:12 am ET | Updated May 25, 2011

Corker: I Can't Support Financial Reform Bill

It's never as easy as it seems.

Ever since the Senate Banking Committee passed Chris Dodd's (D-Conn.) financial regulatory reform bill last week, momentum seemed to be building behind the legislation with lawmakers in both parties expressing their belief that some version of reform would become law. And on Tuesday afternoon, White House Press Secretary Robert Gibbs confidently predicted that the Senate would pass the legislation by the end of May and that a reconciled bill would land on the president's desk by the end of summer.

Now, Bob Corker (R-Tenn.), who recently expressed his disappointment with his fellow Republicans on the committee for missing an opportunity to shape the legislation, went a step further on Tuesday, telling the Wall Street Journal that he "absolutely cannot support" the current bill.

Explaining that he has serious concerns about the bill in its current form, Corker added: "I am absolutely not throwing in the towel. I have no plans to support the current legislation. I hope we'll get back to the negotiating table."