Richard Shelby actually said...

"I think, Ms. Schapiro, that they are central to any regaining of trust in our securities industry."

"And that undermines the whole integrity of the marketplace, as I understand it."

"Improvements in both programs will be necessary, if not imperative, to ensure that the SEC fulfills its investor protection mandate."

"These failures are not isolated. They cut across the agency's many functions and have had serious consequences."