SEC, Congress Taking Hard Look At Credit Raters

Law360, New York (March 12, 2009, 12:00 AM EDT) -- The push to regulate credit rating agencies is gaining steam in Washington, both in Congress and at the U.S. Securities and Exchange Commission.

Earlier this week, SEC Chair Mary L. Schapiro told a congressional hearing that the commission would be taking a close look at the ratings agencies.

Under the 2006 Credit Rating Agency Reform Act, the SEC has regulatory authority over credit rating agencies, including Moody's, Standard & Poor's and Fitch ratings, and Schapiro said that the commission had recently taken some steps to improve...
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