Richard Shelby actually said...

"Dodd-Frank established the Financial Stability Oversight Council and charged it with monitoring risk in the U.S. financial system."

"Today's hearing will examine the difficult task of defining and regulating systemic risk."

"Unfortunately, Dodd-Frank provides little guidance on exactly which firms should be designated for systemic risk regulation."

"I believe the need for an entity to straddle the world's research and industry is clear."