07/14/2021
https://www.congress.gov...
"I particularly want to commend Senator Shelby because it was his leadership really in 2006 that first gave the SEC the clear authority to begin to regulate the credit rating agencies."
"Credit rating agencies are in the business of providing investors with unbiased analysis, but the current incentive structure gives them too much leeway to hand out unjustifiably favorable ratings."
"What I believe we have to do is to give legislative support to the SEC's efforts to focus on transparency through enhanced disclosure, and also to counteract the appearance or substance of conflict of..."
"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-..."