Republican Senator Says Financial Overhaul Is Too 'Vague'

Republican Sen. Bob Corker said the Obama administration's revamped financial bailout plan is too "vague," urging the White House to take more time to develop the program.

He said the multi-pronged program unveiled by Treasury Secretary Timothy Geithner Tuesday made clear there is still "dissension" in the administration about how to approach the financial crisis.

Geithner announced a program that would combine billions in private and public money to aid ailing banks and get credit flowing again. But Corker said the details of the program were probably not ready for prime time.

"Coming out today with such a vague plan -- it's evident to me that there's still dissension within the White House about what to do," he said. "I think people are looking for clarity."

He said he was not criticizing the treasury secretary and that he stands ready to work with the administration, but described Tuesday's plans as a cluster of "platitudes."

Corker has worked with the administration on a number of fronts, including the second half of the $700 billion bailout funding and on help for the struggling auto industry.

The senator said he wants to see more of a focus on the problem with capital in banks.

Corker says he has talked often with both Geithner and Obama's chief economic adviser, Lawrence Summers. He suggested the two have a disagreement over "whether you really address this issue and the amount of capital that might take or whether you just try to eke through it."

Geithner is expected to testify about the administration's plan for the financial rescue program Tuesday before the Senate Banking Committee, of which Corker is a member.