Jack Reed actually said...

"I hope today's hearing will allow us to examine these and other proposals, and take needed steps to promote corporate responsiveness to the interests of shareholders."

"I hope that if we do anything on corporate governance, I hope that it is modest and we realize that at the end of the day, a lot of factors led to the failures that we have had today."

"We have also examined problems that resulted from regulators simply failing to use the authority they had."

"This hearing will help determine where the corporate governance structure is strong, where it needs improvement, and what role the Federal Government should play in this effort."