Just to reiterate, the kind of legislation I have introduced is really very much needed.

I think that, in our judgment, one of the reasons it is so critical to move on financial regulatory reform this year is precisely that.

What we found out was that rating systems were filled with conflicts of interest.

I want to again publicly thank Jack Reed for his work.

Senator Shelby and I are determined to have this be a very inclusive process.

And, second, your proposal, of course, is not mandatory, and simply giving the information, if everyone is in the same boat--and just a few of them doing the same practice might prove to have the same discouraging effect of sort of paying…

We cannot overestimate the impact this had on the financial crisis.

Yes, but, OK, two points I would make. My time is up. But, number one, it would be done on a random basis and secretly, number one.

There are two areas... that deserve special recognition for the problems.

I am proposing, in addition to Senator Reed's bill and the Administration's proposal, that for every ten rated products, the SEC would randomly assign a different rating agency.

It is clear the system as it exists is broken, and I want to look forward to working with Chairman Dodd, Senator Reed on his excellent proposal.