Richard Shelby actually said...

"The Council has the authority to designate a nonbank institution as 'systemically important' and subject it to enhanced prudential standards and regulation by the Federal Reserve."

"This new layer of regulation does not come without a cost to our economy."

"I believe that FSOC has a heightened duty to be as transparent and judicious as possible."

"I asked him if he would oppose a statutory process to allow a firm working with the Council to avoid the designation before the designation was made final."