Richard Shelby actually said...

"Accountability at the Fed--Mr. Secretary, the Federal Reserve System was not designed to carry out the systemic risk oversight mission the administration proposes to give it."

"I urge my colleagues to focus on creating a regulatory system for the next century, not one that merely seeks to remedy the mistakes of the last few years."

"I do not believe that we can reasonably expect the Fed or any other agency effectively play so many roles."

"We cannot afford the status quo. We must act now to put a plan in place that protects consumers and investors, saves jobs, and ensures the integrity of our financial system."