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."

"I believe that it would be legislative malfeasance to simply tell a particular regulator to manage all financial risk without having reached some consensus on what systemic risk is."

"I believe our next question should be: Who should regulate it?"

"No, if we created something like they proposed, which I hope we won't, it would put a lot of power in the bureaucrats."