It is important to note, however, that every crisis has a beginning, a middle, and an end.

I also believe, too, that the Fed's monetary policy independence is crucial and it must be preserved.

The Fed should take most seriously its responsibility to ensure financial stability in the economy.

Congress also bears some responsibility.

Thank you, Chairman Dodd.

Fortunately, the regulatory reform process gives us here, I think, a chance to develop a better, more accountable regulatory structure and enhance the real and perceived independence of the Federal Reserve as a monetary policy setting…

I agree with Senator Dodd. I don't think big is necessarily bad.

It seems to me and others it is an inherent conflict of interest and an incestuous financial relationship that is not good for the Federal Reserve.

I believe that the last few years have provided us with ample evidence to conclude that the current regulatory structure that we have, one in which the Fed serves as the preeminent regulatory body, requires considerable restructuring.

I believe in accountability.

I would hope that you, as the Chairman, in the interest of achieving better regulation and better monetary policy and independence of the Fed, would put the monetary policy ahead of your interest, of the Fed's interest, in protecting turf.

Taxpayers simply should not be subjected to possible losses from private risk.