Jack Reed actually said...

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

"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."

"I would like to be able to, with the concurrence of my colleague, Senator Crapo, do additional hearings."

"Try to prioritize changes that are the least disruptive and the most effective, and that is always good advice."