Faulty credit ratings played a key role in our nation’s financial meltdown, and now we have chance to ensure that that doesn’t happen again. The Dodd-Frank Wall Street Reform and Consumer Protection Act created the Office of Credit Ratings to improve regulatory oversight on this
Click here to see this information on the Demos site. July 15, 2010 By Caleb Gibson Heather C. McGhee Today, the Senate votes to pass the Dodd-Frank Wall Street Reform and Consumer Protection Act, sending the landmark legislation to President Obama’s desk for signature next week. The
Credit-ratings agencies had been held up historically as neutral arbiters of risk. That turned out to be far from the truth, as evidenced by the numerous mortgage-backed securities and other risky securities that states and municipalities in particular bought because they had been slapped with
June 15, 2010 Chairman Christopher Dodd Chairman Barney Frank Dear Conferee: As you proceed with these final stages of writing the financial regulatory reform bill we ask you to work for and support a conference report which includes the strongest elements of the legislation developed
On the day the Financial Crisis Inquiry Commission held hearings on the role credit rating agencies play in the economic meltdown, Senator Al Franken (D-Minn.), Rep. Brad Sherman (D-Calif.), Ohio Attorney General Richard Cordray and James Lardner, senior policy analyst at Demos, called for ensuring
Washington, DC – Americans for Financial Reform praises the Senate for passing Sen. Al Franken’s amendment to reduce conflict of interest for credit rating agencies. Heather Booth, Director, Americans for Financial Reform: “We are pleased the Senate took action on ensuring all the information provided
Everyone (except Wall Street bankers) seems to be outraged about Wall Street banks, which made billions by trading complex confections of dicey mortgages and then passed us the tab when the investments went belly up. But what about the agencies that bestowed triple-A ratings on
April 29, 2010 The Honorable Bill Nelson U.S. Senate Washington, D.C. 20510 Dear Senator Nelson: We are writing on behalf of the undersigned organizations to express our strong support for your amendment to strengthen the credit rating agency reform provisions of S. 3217. Your amendment
Americans for Financial Reform sent the following letter to Chairman Dodd, Ranking Member Shelby, and other members of the Senate Banking Committee. Dear Chairman Dodd and Ranking Member Shelby: On behalf of the Americans for Financial Reform, a coalition of nearly 200 national, state and