Jack Reed actually said...

"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."

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

"But our marketplace has been evolving very quickly and it is not clear that our rules have kept up."

"Most of us consider American capital markets to be the best in the world."