"The bottom line here is much of this could have been prevented without a single additional piece of legislation being done if people had just done their jobs back here."
"I don't think we can give the power to override fully public bodies charged with issues like investor protection to the Fed."
"I firmly believe that had the Fed simply regulated the mortgage lending industry, as Congress directed with the law passed in 1994, much of this could have been averted."
"The greatest challenge in dealing with this financial crisis is understanding its multiple, complex, and interrelated causes."
"Why should we continue to prop up banks that are basically insolvent, some of our large banks that are walking dead, so to speak, give them a transfusion, and there is no end in sight?"
"We need to get that credibility back into the system."
"I am probably--because I spent an awful lot of time in this Committee when I was the OTS regulator----dealing with the RTC, and what I learned through those 3 years brings me to a very firm view on op..."
"I would hope not."
"The No. 1 thing in the system has to be independence."
"The concerns you raise are profound and important ones."
"Obviously poorly regulated."
"If Franklin Roosevelt were to come back today and he would find we had these enormous pooled funds that were outside, virtually outside of any form of regulation, I think he would say, 'I thought we s..."
"Principles matter, but rules matter, too."
"Something is just simply wrong when that is allowed to occur in our Nation."
"But laws aren't worth the paper they are written on if they are not properly enforced."
"Hundreds of millions of Muslims go to the mosque and are faithful, loyal, decent citizens in their country, obey the law, don't participate in terrorism, and we all ought to always remember that."
"We were pleased, therefore, to hear about the recent bipartisan effort, led by Senators Charles Schumer and Richard Shelby..."
"Congress needs to remedy this promptly with legislation Senator Shelby introduced 7 years ago in 2002."
