Jack Reed actually said...

"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."

"Much of the responsibility for setting standards would remain with the Federal Reserve, which raises serious concerns given its failure in recent years to identify serious risks to our financial syste..."

"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."

"We are not even making a dent."