Patrick Toomey actually said...

"Well, I am concerned about this apparent developing disparity between the regulatory regimes."

"I understand that, but are you concerned that in the absence of comparable European regulation that we have the opportunity for regulatory arbitrage across borders?"

"Thank you very much, Mr. Chairman, for giving me the opportunity in particular to welcome Mr. Thomas Deas."

"It strikes me as an incredible cost to the financial institutions that have to understand these, digest these, hire the manpower to then comply with these."