Jack Reed actually said...

"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."

"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."