On the recordMay 6, 2010
I rise in strong support of the amendment offered by our colleague from Maryland, which would protect whistleblowers. We have all learned, over the many months of discussions since the collapse and fall in 2008, of the culpability of the credit rating agencies--in terms of what was sold in the market place, relying on the reputation of the credit rating agencies and their classification of these bundled mortgages. One thing for certain that would clearly help is the Cardin amendment. It may not solve all the problems with the credit rating agencies, but it is going to be a major opportunity for us to be able to break down the bales that exist. A significant part of our bill improves, we think, regulation. This bill contains several provisions that will make rating agencies more transparent, accountable, and accurate. Senator Cardin's amendment complements this provision in the bill, and I commend him for it. It adds employees of nationally recognized statistical rating organizations to a list of already protected whistleblowers.
