Robert Menendez actually said...

"The clock is ticking. The published reports say we have about a year."

"Now, the House has addressed changing the 500-shareholder threshold for community banks and nonbanks in separate bills."

"Does it matter to the SEC? Is there a greater ability to pursue, for example, under the single threshold that Toomey-Carper has for banks and nonbanks as well?"

"Let me ask the other members of the panel, if we were to raise the threshold, how do we ensure that additional investors would be protected from fraud?"