Richard Shelby actually said...

"Yes, I believe they do work. They nearly always work. But you have to have trust, integrity, and transparency in the market."

"These failures are not isolated. They cut across the agency's many functions and have had serious consequences."

"the SEC's handling of credit rating agencies contributed to the subprime frenzy that is at the root of the current economic crisis."

"I absolutely believe that credit default swaps need to come under the umbrella of Federal regulation."