Richard Shelby actually said...

"The spectacular failure of AIG sent shockwaves throughout our economy, and led to a $170 billion bailout by the Federal Government."

"Shouldn't that be an appropriate study somewhere?"

"But aren't a lot of the problems that we have encountered that insurance, and, of course, banks, too, are involved in things without adequate capital to back up what they are involved in, the risk tha..."

"These events reveal that comprehensive insurance regulation must be a part of our reform effort."