Jack Reed actually said...

"From these hearings, it is clear that problems at credit rating agencies contributed to the significant financial sector instability our country has been experiencing."

"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."

"I think myself I would prefer it to be the Federal Reserve, but whichever--does have, I think, the need to look across our whole financial sector."