Richard Shelby actually said...

Yes, I believe they do work. They nearly always work. But you have to have trust, integrity, and transparency in the market.

we are in a much weaker position now because of the policies of the last 8 years which have seen deficits pile up upon deficits

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.