Robert Menendez actually said...

"I am reminded of the Fed's failure to implement the law Congress passed in 1994 to protect consumers and regulate mortgage lending practices."

"So are you telling the Committee that what you have already--you collectively, the Federal Reserve, the administration, Treasury--what you have announced, if implemented well, will be sufficient to me..."

"But for all the successes the Fed has had in carrying out its core mission--monetary policy--its regulation and consumer protection missions have been abject failures, in my view."

"But isn't it true that, largely speaking, at least at this point in time, these banks cannot raise the type of private capital that they need?"