How do we bring back what I thought we all benefited for a long time, and that is, securitization of mortgages?

Is it possible that ratings for certain instruments, such as more traditional bonds we have talked about, have a greater value as benchmarks than ratings provided for more complex and newer structured products, such as CDOs and CLOs?

Unfortunately, the law that we passed in 2006 did not have time to take root before the problems that they were intended to remedy took their toll.

Widespread overreliance on ratings meant that the effects of poor quality or inadequately updated ratings could ripple through the markets.

When I was Chairman of this Committee, we acted to address the problem after the SEC failed to take action on its own.

Something has gone wrong. We both agree with that.

The nature of today's credit rating industry reflects decades of regulatory missteps rather than market preferences.

We recognize the role of the Treasury to set some policy for financial regulation. But ultimately, it is going to be the Congress up here.

We need a mechanism that can resolve very large financial organizations in a way that is orderly, that protects the rest from any systemic implications, but makes sure that their creditors and shareholders take losses.

I hope you won't quit. I think your honesty and your candor here is very important.

this crisis has revealed that our Nation's 'too-big-to-fail' problem is much worse than many thought.

I would think that if you look at the record here of the failure of the regulatory bodies, that all roads seem to lead to the Federal Reserve.