Chuck Schumer actually said...

"Millions of Americans will live with reduced retirement incomes and higher taxes for many years as a result of misbehavior in our financial firms, failed oversight by boards of directors, and ineffect..."

"What we need is an analysis to determine how we can effectively and efficiently promote honesty and transparency in our markets and ensure that criminality is not tolerated."

"The problems also did not arise because of 'outdated laws from the 1930s' or, except in limited circumstances, from 'gaps' in statutory authority in the banking or securities sectors."

"To restore trust among investors in our financial system and government, we will need to make significant improvements in our existing regulatory programs."