SEC Should Act On Credit-Rating Violations, Sens. Say

Law360, Washington (February 14, 2013, 5:02 PM EST) -- Three U.S. senators urged the U.S. Securities and Exchange Commission on Thursday to take swift action to overhaul the payment system and eliminate major conflicts of interest in the credit-rating industry, claiming the risk of another financial meltdown still exists today.

Citing a November SEC report that determined agencies have continued to violate SEC regulations and their own internal policies aimed at curbing conflicts of interest, Sens. Al Franken, D-Minn.; Roger Wicker, R-Miss.; and Charles E. Schumer, D-N.Y., said the commission should convene a roundtable to...
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