Jack Reed actually said...

"I think myself I would prefer it to be the Federal Reserve, but whichever--does have, I think, the need to look across our whole financial sector."

"So it would be very clear that this regulator would be the primary regulator of all these functions, even if they feel under the range of CFTC or SEC."

"I hope that if we do anything on corporate governance, I hope that it is modest and we realize that at the end of the day, a lot of factors led to the failures that we have had today."

"This hearing will help determine where the corporate governance structure is strong, where it needs improvement, and what role the Federal Government should play in this effort."