The institution, he said simply is not working.

The institution, he said, simply is not working.

My colleagues here in the Banking Committee, including Chairman Dodd, Senators Corker, Reed and Warner have been working diligently.

Creating a new regulatory structure to monitor systemic risk is no easy task.

I think the regulators were flying blind, essentially, doing the best they could.

I am pleased to call to order this Subcommittee for a hearing entitled 'Equipping Financial Regulators with the Tools Necessary to Monitor Systemic Risk.'

I want to thank my Ranking Member, Senator Corker, and Senator Reed, my friend and colleague.

What we all witnessed over the last several years is not only great market turmoil but great market uncertainty.

I would also like to welcome and thank Senator Jack Reed. He has been instrumental on the technical and analytic aspects of systemic risk regulation.

Why should the Democratic Party be trusted? And are we willing to make some of the tough decisions to actually head this party in a better direction?

Why should the Democratic Party be trusted and how do we make the tougher decisions to actually head this country in a better direction?