Op-ed:Effective credit-rating reform needs balance
Author: Phil Papoojian, Providence Journal
Mar 09, 2010
"People in Congress are working on far-reaching legislation to regulate the financial-services industry in hopes of preventing a repeat of the financial turmoil we saw over the last two years.
The U.S. House has already passed a comprehensive package of reforms, but the Senate Banking Committee continues its deliberations on issues ranging from the regulation of institutions "too big to fail" to establishing a consumer-protection agency for financial-services products.
Two key members of the Banking Committee, Rhode Island's Sen. Jack Reed, a Democrat, and New Hampshire's Judd Gregg, a Republican, have focused on, among other things, the committee's work related to Credit Rating Agencies (CRAs), the private-sector agencies that rate bonds."
Click to go to the Providence Journal website and view the entire op-ed.
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Did You Know?
In March, 2010, 44 percent of the unemployed had been without a job for six months or more.
Source: Ben Bernanke, Chair, Board of Governors of the Federal Reserve System
