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."

"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 think this was something that we should pursue."

"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."