Jack Reed actually said...

I thank the Subcommittee for the opportunity to testify today.

Regulators should always seek to build an a margin of safety as there is always a risk that the theory underlying the regulatory regime fall...

Careful consideration should be given to the desirability of fixed rate mortgages and the mechanisms for maintaining that market.

I believe that continuation of Fannie Mae and Freddie Mac as member owned cooperatives would serve to establish standards.