Richard Shelby actually said...

With decision-making authority dispersed to the Board and Reserve Banks, who will be accountable to Congress for the systemic risk regulatio...

We must do everything we can to not only ensure the safety and soundness of our financial system, but also its competitive standing in the w...

the most significant thing many of us will do while serving in the U.S. Senate.

I personally believe this represents a grossly inflated view of the Fed's expertise.