Edward Royce actually said...

"Both our over-reliance on the major rating agencies and the poor performance of these entities during the recent market downturn has led me to believe that major reforms to the industry are needed."

"The extent to which our entire financial system was and continues to be dependent upon the grades issued by NRSROs is really remarkable."

"There is no dispute, though, that State regulation failed to detect and address a number of these major problems with AIG."

"The fact that many of our financial institutions have become too big to fail or too interconnected to fail has become shockingly apparent."