Treasury Vows Hands-Off Reform For Credit Ratings

Law360, New York (August 5, 2009, 4:24 PM EDT) -- A top official from the U.S. Department of the Treasury told a Senate committee Wednesday that the Treasury had no intention of evaluating, regulating or interfering with credit rating agencies' methodologies for rating securities as part of its proposed financial reform efforts.

Michael S. Barr, the Treasury's assistant secretary for financial institutions, said during a Senate Banking, Housing and Urban Affairs Committee hearing that the Treasury did not seek an active role in credit rating agencies' daily business.

Instead, the Treasury advocates systemic reforms designed to...
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