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Wall Street, the banks, and corporate America, has been able to call the shots here. They control our members of Congress and they get what they want.

I believe Wall Street needs serious ongoing regulation.

Politicians love regulating. That's part of the whole power structure.

To get our economy back on track and keep it functioning properly without the problems of our financial institutions, we need reasonable regulations that will protect Main Street while at the same time allow Wall Street to do what it does best - make money for American investors.

When it comes to making laws that protect the public from the financial services industry, Congress has done a progressively worse job since the Pecora Commission hearings of the early 1930s, which led to Congress taking bold steps to regulate banking and securities firms in 1933 and 1934.

When it imposes expensive regulatory mandates on the private sector, Congress often acts on the basis of interest-group pressures, anecdotes, and the emotions of the moment. The executive branch is hardly perfect, but it is far less likely to do that.

In recent years, Republicans have argued that Congress is a more responsible policymaker than the executive branch. But when it comes to regulation, Congress is often much worse, and for just one reason: Executive agencies almost always focus on both costs and benefits, and Congress usually doesn't.

We're charged by Congress with regulating financial institutions. We take that mission seriously. We are tough supervisors and regulators.

One of the responsibilities of Congress is the power of the purse, but there is also oversight. In order to have proper oversight, you have to have agency administrators, directors, and secretaries of those agencies speak frankly and about the facts.