Senate Sets New Curbs On Credit Rating Agencies

Law360, New York (May 13, 2010, 5:20 PM EDT) -- The U.S. Senate voted Thursday to add to financial regulatory reform legislation measures aiming to limit the statutory significance of credit rating agencies, as Democrats began applying pressure to complete work on the remaining amendments to the bill by early next week.

The two amendments affecting credit rating agencies — one offered by Sen. Al Franken, D-Minn., and the other by Sens. George LeMieux, R-Fla., and Marie Cantwell, D-Wash. — were approved by respective votes of 64-35 and 61-38, over the objections of Senate Banking Committee...
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