Richard Shelby actually said...

"Do you believe that regulators presently have the ability to restrict a firm's activities, including their proprietary trading, if they deem this not to be a safe and sound practice?"

"If they have the authority, then it is a question of do they have the will to use their authority. Is that right?"

"The stated objective of the Administration's newest proposals is to enhance the safety of the banking system. I certainly agree with that."

"Can the regulator deal with that now under the safety and soundness, in your judgment?"