Richard Shelby actually said...

"The greatest challenge in dealing with this financial crisis is understanding its multiple, complex, and interrelated causes."

"I firmly believe that had the Fed simply regulated the mortgage lending industry, as Congress directed with the law passed in 1994, much of this could have been averted."

"I don't think we can give the power to override fully public bodies charged with issues like investor protection to the Fed."

"The bottom line here is much of this could have been prevented without a single additional piece of legislation being done if people had just done their jobs back here."