Frank Lucas actually said...

"We have heard from the witnesses today about the unprecedented pace and scope of the SEC's rulemaking agenda."

"Insurance is, has been, and should remain a State-regulated product, free from the involvement and clutches of meddling Federal bureaucrats."

"If you take that capacity out of the market, you are going to have a knock-on effect into not just investment returns, but the ability of corporate communities and others to raise credit and capital."

"These proposals, I believe, could impair market liquidity while increasing risks and costs."