Richard Shelby

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.

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

There is no end game, is there.

You would have to give them an 'F.' You would have to give them an 'F' if you were a teacher on their ability to regulate the banks.

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.

Mr. Chairman, thank you for calling this hearing. I know we are holding a series of hearings here to build a record, and I think you are leading the way.

I see the Fed as a bank regulator big-time failing the American people.

What is the end game with AIG, as you see it? More taxpayers' money floating their business and----

Unless, as Senator Shelby suggests, we all concentrate on it and reflect on it without defensiveness, we are not going to learn the lessons that need to be learned.

We are in the midst of an unprecedented financial crisis. I believe the challenge before us involves three tasks: First, we must work to stabilize the system. Second, we must understand the origins of the current crisis. And, third, we…

I believe that we must have a fair, open, and honest Air Force tanker acquisition process.

I have received a report suggesting that there may be massive savings if you had two sources.

I believe any assertion that the Northrop Grumman tanker program steals jobs from American aerospace workers and sends them overseas is factually incorrect.

I have concerns with this acquisition method because it clearly would not reach everyone's stated objective, that is, that the Air Force procures the best tanker for our warfighters.

This process, I believe, should also utilize a best value method that does not contain an option based purely on lowest cost.

It has been my long-held belief that our military should procure the most capable tanker possible for our airmen using a fair, open, and transparent acquisition process.

I just want to say welcome to Secretary Donley and General Schwartz, and I look forward to their testimony.

I think that as we hold more hearings, we are going to see that this is very complex.

Governor, over the past year, our largest bond insurers have teetered on the edge of collapse due to imprudent bets on the value of mortgage-backed securities.

Federal Reserve Chairman Ben Bernanke has discussed publicly the inadequacy of our insolvency regime for large global financial conglomerates, such as AIG.

I hope that you as Chairman of the Committee will bring up the Inspector General of TARP, Mr. Barofsky, again, as he is doing his work, because I believe the American people want transparency and accountability on where all this TARP money…

Today, the Committee will once again consider insurance regulatory reform.

I think we had a distinguished panel here today and I think everybody knows what our challenges are.

Given the importance of insurers in our markets and overall economy, I believe we should at least consider whether additional Federal oversight is needed.