SEC Chair Vows To Update Credit Agency Rules

Law360, New York (April 22, 2008, 12:00 AM EDT) -- U.S. Securities and Exchange Commission Chairman Christopher Cox said Tuesday that the agency is preparing to issue rule proposals aimed at tightening regulations for credit rating agencies in the wake of the subprime crisis.

Cox told the Senate Banking Committee that the agency plans to issue proposed rules this year in addition to the results of a thorough examination of procedures used by credit rating agencies.

Dominated by three agencies — Moody's Investors Service, Standard & Poor's and Fitch Ratings — the credit rating industry has...
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