Richard Shelby actually said...

"I believe that it would be legislative malfeasance to simply tell a particular regulator to manage all financial risk without having reached some consensus on what systemic risk is."

"I believe our next question should be: Who should regulate it?"

"No, if we created something like they proposed, which I hope we won't, it would put a lot of power in the bureaucrats."

"I believe that expanding the Fed's power in this manner could be very dangerous."