"Thank you, Mr. Chairman."
"I appreciate that. I apologize, I only have a minute left and I have to go to Mr. Millstein for just one quick second."
"It appears as though, and this is the theme I keep coming back to, it was clear and unambiguous what the requirement was for the SEC to do with regard to implementation of Title II."
"And it was relatively clear and unambiguous also in the JOBS Act that this was to be done within 90 days, correct?"
"How can you quantify the expense associated with mitigating a threat you can't even quantify?"
"So it is more or less a game-time decision as to determine whether a grave threat exists."
"I, and I think the American people, have many questions about how the Federal Reserve would decide if a company poses a grave threat to our economy."
"I guess what I am getting at, and my point is, that there are no standards available right now to determine grave threat for either a bank SIFI or a nonbank SIFI."
"So does it take--under Section 121, does it require that a company must first be in bankruptcy as a precondition to be considered a grave threat?"
"But absent the--"
"Do you have any quantitative metrics that you use now to determine whether a company may be a grave threat?"