Jack Reed actually said...

"The Fed does not have the authority to simply expend taxpayer dollars."

"I want to thank Professor Coffee for his kind words about our credit rating legislation."

"I am alarmed, because if the Fed has that position, it seems to contradict exactly what Mr. Polakoff said he did."

"You say that the biggest fault of OTS was not recognizing the magnitude of the situation developing with respect to credit default swaps."