Richard Shelby actually said...

"The poor record of Basel I, II, and II.5 is that of a system fundamentally flawed. Basel III is a continuation of these efforts, but with more complexity."

"I think this is a worthy goal as strong capital requirements are essential for a safe and sound banking system and also to protect against taxpayer-funded bailouts."

"The Basel framework has spawned startling degrees of complexity and an over-reliance on probably unreliable models."

"I think it is very, very important."