Richard Shelby: “As I have said many times and will continue to say, I believe that before we discuss how to modernize our regulatory…”

“As I have said many times and will continue to say, I believe that before we discuss how to modernize our regulatory structure, or even before we consider how to address the current financial crisis, we need to first understand its underlying causes. If we don't have a comprehensive understanding of what went wrong, we will not be able to determine with any degree of certainty whether our regulatory structure was sufficient and failed, or was insufficient and must change . . . .this Committee should and must conduct a full and thorough investigation of the market practices, regulatory actions, and economic conditions that led to this crisis.”