On the recordJuly 15, 2014
The regulators themselves, as we know, are not omniscient. They are not going to be perfect. They are not going to always get it right, and in the end, eventually institutions will fail anyway.
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congress.govThe regulators themselves, as we know, are not omniscient. They are not going to be perfect. They are not going to always get it right, and in the end, eventually institutions will fail anyway.
Toomey points out the fallibility of regulators and inevitability of institutional failures.
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It is absolutely essential to investigate any fraud and violations of existing law, and prosecute those who are committing those crimes.
Congress can and should offer a sensible approach for the domestic regulation of these activities.