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 proposal I have made is not to change that liability standard but to change explicitly the pleading standard."

"the Treasury proposal would require firms to register, subject them to high compliance costs, put at risk some firms' intellectual property, and hinder their revenue-generating ability."

"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."