Richard Shelby actually said...

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

"I think whatever we do, that has got to be separated, has it not, at some level."

"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."

"These events reveal that comprehensive insurance regulation must be a part of our reform effort."