Jack Reed actually said...

"In our judgment, the credit rating agencies shouldn't be able to opt out of having high standards and a level playing field."

"Thank you very much, Mr. Chairman."

"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."

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