Janet Yellen actually said...

"Was there any task more important for the Fed since the 1930s than understanding the financial system?"

"I think our objective in regulation should be to put in place tough enough regulations and capital and liquidity standards that would level the playing field."

"While many of us believe that the Dodd-Frank Act already gives the Federal Reserve the authority to distinguish between insurance companies and banks when promulgating capital standards under the Coll..."

"Thank you for this opportunity to appear before you today."