Richard Shelby actually said...

"I think we have got ourselves in a real jam in this country when we come up with the doctrine of 'too big to fail' and then we say, gosh, we have got to create a systemic regulator to deal with this."

"If an insurance company is involved in derivatives on the national, international scale, how could States regulate them?"

"I believe we are grappling here in the Banking Committee with maybe the most challenging, complex piece of legislation or proposed legislation that we have ever had."

"Quickly, is the Fed really the appropriate agency to regulate insurance companies, because they have no history there."