Richard Shelby

I opposed the TARP program. I knew it was flawed then. We all know it now.

The Bush Administration, Secretary Paulson, Chairman Bernanke, misled the people, the Congress and the people of the United States.

We need to be vigilant, I believe, that banks are not pressured to lend to politically favored borrowers, either side.

A 33-percent failure rate does not to me exactly provide confidence to the market that either Treasury or any of the Federal regulators, including the Fed understood the term 'healthy' or used that term loosely to get the money in there.

One of the stated purposes that we have all talked about here of the TARP is to maximize overall returns to the taxpayers.

Trust in the banking system, especially Wall Street banks right now, it doesn't exist.

The American people can stand the truth. They can stand the truth.

The American people, as you well know right now--you can see it in polls, you can just go home, any of us can--they don't trust the TARP program.

We used to look at Wall Street and say they were the smartest people in the world. Now, that has been doubted today in a lot of ways.

I voted against the TARP because Treasury's warnings and promises seemed calculated to induce panic rather than to ensure proper stewardship of taxpayer dollars.

I am concerned, especially given the limited life of the TARP program, that employees of TARP may be facing significant... conflicts of interest.

Americans have a right to know, I believe, where their money went and whether it is working, which many are doubtful.

Solutions, however, crafted in haste, rarely are effective and, even worse, can be counterproductive, as TARP.

If they do not fear you, they are going to play with you.

As I have said many times and will continue to say, I believe that before we discuss how to modernize our regulatory structure, or even before we consider how to address the current financial crisis, we need to first understand its…

I believe one of the primary failings of the recent bailouts of the GSEs, AIG, and Bear Stearns was the intent of protecting any creditors from losses.

Shouldn't those decisions be made by the President and the Congress, who are accountable to the people?

Do you have any concerns, Dr. Volcker, that if the Fed assumes too many responsibilities, its ability to conduct monetary policy could be undermined?

The GSEs, I think, if I may say so, with the connivance of the Congress, were considered to be something special and they would be protected.

And what are your views on the separation of monetary policy from banking policy along the lines of the reforms that were enacted in the United Kingdom in the late 1990s that gave banking regulation to the FSA and monetary policy to the…

In the area of forensic science, Mr. Secretary, in February 2009 the National Academy of Sciences published its investigative report, quote, 'Strengthening Forensic Science in the United States: A Path Forward,' which was highly critical…

The fact that the regulators were put on notice through direct tips, press articles, and industry chatter raises serious questions about the state of our regulatory system.

He cited, among other things, Madoff's unusual compensation arrangement, the inability of the options market to sustain Madoff's strategy with the level of assets he had under management.

The Madoff fraud is disturbing, as Senator Dodd said, on several different levels.

We are in a much weaker position now because of the policies of the last 8 years which have seen deficits pile up upon deficits