Richard Shelby

What would be the consequences, in your opinion, of these policies on the housing market and the economy.

We need to remember 2005 and 2006 were not normal markets and we do not want to go back to that.

I think a significant amount of the problems in our housing and mortgage markets would go away if we brought unemployment down significantly.

I would actually say what we need to have is more of a two-track approach where we focus on families that can be helped.

The demise of Fannie and Freddie could have been prevented had the Committee acted sooner.

Without question, our housing finance system is broken.

Fannie and Freddie's disproportionate influence on this Committee and Congress ultimately cost the taxpayers billions.

Eighteen billion dollars.

Would you agree, though, that basic economic policy should not be based on speculation, should be based on hard numbers?

The Federal Reserve's inherent independence and the 14-year terms of Governors make it the least accountable agency in our Government.

Although I do not share many of the policy preferences of these nominees, I am inclined to give greater deference to the President in his choice for his own personal economic advisers.

Do you believe that it is appropriate for the Council of Economic Advisers to create highly speculative statistics that perhaps are designed solely to support an Administration's political agenda, be it this one or a Republican, whatever?

I believe that the Senate needs to take a much more active role in ensuring that our financial regulators have the proper leadership.

The number one economic problem facing this country?

I think the long-term unsustainability of our debt is a significant problem because it threatens higher interest rates, less confidence, and it could have impact on the current recovery.

The Federal Reserve's independence brings with it the obligation to be accountable and transparent.

Over the past year, the Fed's balance sheet has increased to $200 billion and now stands at over $2.5 trillion.

Over the past year, the total amount of public debt outstanding increased by about $1.7 trillion under the financial spending policy of the Administration.

The public, the American taxpayer, deserves to have clear measures by which it can easily evaluate Fed policy

It appears that many of the deadlines in Dodd-Frank are not realistic.

Do you believe that you are better positioned now than you were 2 years ago to deal with the failure of a large bank?

One of the hallmarks of our regulatory process is openness.

Last year, Congress passed the Dodd-Frank Financial Reform Act, as the Chairman has mentioned.

The Dodd-Frank party, I believe, is over. Unfortunately, our economy is now preparing to pay the tab.

I find the Secretary's comments interesting given his strong support of Title 1 of Dodd-Frank when we went through this.