Richard Shelby actually said...

"And what are your views on the separation of monetary policy from banking policy along the lines of the reforms that were enacted in the United Kingdom in the late 1990s that gave banking regulation t..."

"The GSEs, I think, if I may say so, with the connivance of the Congress, were considered to be something special and they would be protected."

"Do you have any concerns, Dr. Volcker, that if the Fed assumes too many responsibilities, its ability to conduct monetary policy could be undermined?"

"Shouldn't those decisions be made by the President and the Congress, who are accountable to the people?"