Jack Reed actually said...

"One of the flaws with Basel II was that there was a great deal of reliance on internal risk models, that banks were essentially grading themselves on their capital."

"Senator Shelby was just as astute when Basel II was before the Committee."

"Indeed, but one of the problems which I think we mentioned with Basel II was that banks were--they were categorized, but they were the ones who were essentially evaluating their capital status."

"We do not have any legal obligation. It is not a treaty."