Richard Shelby actually said...

"The Basel framework has spawned startling degrees of complexity and an over-reliance on probably unreliable models."

"I think it is very, very important."

"Unfortunately, one of the clear lessons of the financial crisis is that bank regulators set capital requirements too low."

"It seems like that is what you are doing. I hope that is not what you are doing. If you do, we are going to hold you accountable."