It strikes me that in light of our existing incentives, that is sort of a self-fulfilling proposition.
I think a legislated solution is preferable.
the Treasury proposal would require firms to register, subject them to high compliance costs, put at risk some firms' in...
I am very pleased Chairman Dodd and Ranking Member Shelby have chosen to have a hearing examining proposals to enhance t...
However, during the past year we have witnessed a significant amount of market instability stemming in part from the fai...
I think this was something that we should pursue.
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 c...
Credit rating agencies are in the business of providing investors with unbiased analysis, but the current incentive stru...
I think it is important, because we specifically point out that their ratings would not be considered a forward-looking ...
The purpose of the RATE Act is to strengthen the Securities and Exchange Commission's (SEC) oversight of credit rating a...
What I believe we have to do is to give legislative support to the SEC's efforts to focus on transparency through enhanc...
In our judgment, the credit rating agencies shouldn't be able to opt out of having high standards and a level playing fi...
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...
From these hearings, it is clear that problems at credit rating agencies contributed to the significant financial sector...
The proposal I have made is not to change that liability standard but to change explicitly the pleading standard.
So it would be very clear that this regulator would be the primary regulator of all these functions, even if they feel u...
