Obama Lacks Leadership to Create Jobs: Sen. Corker

U.S. Senator Bob Corker (R-TN)
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U.S. Senator Bob Corker (R-TN)

With the final financial regulation vote just hours away, Sen. BobCorker, (R-Tennessee), told CNBC Thursday that President Obama lacked the leadership skills needed to create jobs and to drive the country out of the recession.

“This administration came into a situation where the economy was down. Instead of focusing on that, they pressed an ideology and continue to press an ideology that basically creates a malaise over jobs,” the senator said.

“But, Number 2, [the administration has created] uncertainty,” he added.

Corker also said he believes very few people in the administration know how to grow the economy.

Corker is a member of the Senate's Banking, Housing, and Urban Affairs Committee.

FinReg Reform Final Vote
FinReg Reform Final Vote   

He said he is frustrated by the country's direction under President Obama and concerned for the average American, especially his constituents, some of whom "are really hurting." He took aim at the recent health-care reform legislation, saying, “That health-care [law]is a job killer."

The senator added that once the financial regulation bill is passed, it would be followed by 12 to 18 months of lobbyists from large institutions working with regulators and rule-makers to figure out what the new law means, practically speaking.

“Today we are going to do something that I don’t think is in our country’s best interest,” said Corker, referring to the financial regulation bill, which he said would be law within 72 hours. ‘It’s a net negative for the American people.”

One outcome, he predicted: “I think there is over time going to be less capital available and that capital that is available is going to be more expensive.”

Shortly after Corker's remarks on CNBC, Janet Yellen, the President's choice to be the second-highest ranking Federal Reserve official, told Congress that reducing unemployment and invigorating the recovery is a "high priority."