Reed Says Rating Agencies Trying To Kill Reform Bill

Law360, New York (April 9, 2010, 3:06 PM EDT) -- Sen. Jack Reed, D-R.I., says he is determined to pass new measures to increase the legal accountability and liability for credit rating agencies, despite reports that some major rating agencies are teaming up with U.S. Senate Republicans to try to defeat his proposal.

Reed denounced what he called a “cynical attempt” by credit rating agency lobbyists to water down legislative language that would give the U.S. Securities and Exchange Commission broad new authority to monitor credit rating firms and crack down on conflicts of interest and...
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