Richard Shelby actually said...

There is no system that is built to withstand an insolvency the size of the notional value of the credit default swaps AIG was invested in.

Shelby emphasizes the unprecedented scale of AIG's financial exposure.

03/16/2009

More Richard Shelby Quotes

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

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.

I support Federal investment in basic biomedical research and development.