Jack Reed actually said...

"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 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."

"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 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."