Obama Sends Rating Agency Reform To Capitol Hill

Law360, New York (July 21, 2009, 5:49 PM EDT) -- The Obama administration unveiled a key piece of its financial regulatory reform package Tuesday aimed at increasing transparency and tightening oversight of credit rating agencies.

The U.S. Department of the Treasury delivered proposed legislation to Congress that the department said would help reduce conflicts of interest at credit rating agencies and give the U.S. Securities and Exchange Commission greater authority to supervise their activities.

“In recent years, investors were overly reliant on credit rating agencies that often failed to accurately describe the risk of rate products,”...
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