Tom Cotton actually said...

"I think it was once described-- regulation was once described as a moat around the larger firms, protecting them."

"Over the last 7 years, in many industries, to include the financial services industry, we have seen considerable consolidation."

"It seems that it is kind of in this neither fish nor fowl category now with its relationship to the SEC."

"Although commonly perceived as a self-regulator, FINRA is not accountable to the industry in the way a self-regulator would be."