Richard Shelby actually said...

If you have got bad people sitting on the top of each of those peaks, it is not going to matter what you legislate here.

I would say it is more important to hit this target.

this crisis is the result of what may have been the greatest regulatory failure in human history.

It was not so much the failure of a regulatory system, although things need to be fixed, as it was a failure of regulators to act.