The SEC's Consolidated Supervised Entity Program, I believe was not a success.

I hope we will resist any move--any move--that gives anybody that kind of power and basically renders almost every other entity in Government useless.

I wanted the market to decide that.

I wish we had established that principle more clearly.

I want to thank you, like Senator Dodd did, for your contribution.

So many of our big banks failed under their supervision, that says a lot to me about the Fed's inadequacies.

I appreciate these hearings that you are putting together, and, gosh, we could be here all week and learn a heck of a lot.

I believe myself that they have utterly failed as a regulator, utterly, because most of our Wall Street banks that got in trouble, and some of them are in trouble today, still, were regulated by the Federal Reserve.

I think we ought to pay particular attention to that.

There is no end game, is there.

I think the events of the last few days have made it clear that our efforts must remain directed at dealing with the problems in the financial system.

If an institution is too big to manage, and a lot of them seem to be---- then it would follow that they are probably too big to regulate---- so we have created a monster among ourselves, have we not.