Richard Shelby actually said...

"My last question, and my time is about up, you also propose--your proposal would authorize the Securities and Exchange Commission to delegate reviews of NRSROs to the Public Accounting Oversight Board..."

"Well, why do you want them then if----"

"Widespread overreliance on ratings meant that the effects of poor quality or inadequately updated ratings could ripple through the markets."

"if you don't even have the expertise to be able to figure out who is a reliable advisor and who is not, you shouldn't be running a bond fund in the first place"