Jack Reed actually said...

"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..."

"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."

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