"I don't believe that our present status quo is some ideal state of nature from which any variation is an anomaly or an interference. The status quo right now is riddled with Government hand on the lev..."
"However, during the past year we have witnessed a significant amount of market instability stemming in part from the failure of these agencies to accurately measure the risks associated with mortgage-..."
"I think this was something that we should pursue."
"I think it is important, because we specifically point out that their ratings would not be considered a forward-looking statement for purposes of Section 21(e) of the Securities Act."
"Senator Reed's bill struck a very sensible compromise in my judgment."
"I particularly want to commend Senator Shelby because it was his leadership really in 2006 that first gave the SEC the clear authority to begin to regulate the credit rating agencies."
"Credit rating agencies are in the business of providing investors with unbiased analysis, but the current incentive structure gives them too much leeway to hand out unjustifiably favorable ratings."
"What I believe we have to do is to give legislative support to the SEC's efforts to focus on transparency through enhanced disclosure, and also to counteract the appearance or substance of conflict of..."
"In our judgment, the credit rating agencies shouldn't be able to opt out of having high standards and a level playing field."
"Thank you very much, Mr. Chairman."
"One of the aspects of the legislation I proposed is to at least adjust the pleading standards and effectively, a private right of action would be, I think, a stimulus for a lot of due diligence."
"the Treasury proposal would require firms to register, subject them to high compliance costs, put at risk some firms' intellectual property, and hinder their revenue-generating ability."
"The proposal I have made is not to change that liability standard but to change explicitly the pleading standard."
"From these hearings, it is clear that problems at credit rating agencies contributed to the significant financial sector instability our country has been experiencing."
"The purpose of the RATE Act is to strengthen the Securities and Exchange Commission's (SEC) oversight of credit rating agencies and improve the accountability and accuracy of credit ratings."
"I am very pleased Chairman Dodd and Ranking Member Shelby have chosen to have a hearing examining proposals to enhance the regulation of credit rating agencies."
"I think myself I would prefer it to be the Federal Reserve, but whichever--does have, I think, the need to look across our whole financial sector."
"Should we have this agency dedicated funding, not through the appropriations process?"
