Jack Reed actually said...

"This Subcommittee has held several hearings in recent months to focus on gaps in our financial regulatory system."

"As the President's plan evolves, if it is not modified, the Federal Reserve essentially would be the direct regulator of most of the major financial institutions of the country."

"We need to be thoughtful and deliberate in our approach, but we need to act soon."

"There seems to be a consensus emerging among regulators and many in Congress on the need for a Council to address risks in the financial system."