Jack Reed actually said...

"The proposal that I am making advances several, I think, important improvements."

"It seems that their model, their VaR model, was loosened up considerably, giving them the opportunity to engage in more risky activities."

"So there is a possibility, in fact, if it is done correctly and proposed, which I hope it is, that it could have avoided this situation?"

"I think it also is a strong case, in my view, for a very clear but very strong Volcker Rule."