Amendment would Create a
self-regulatory organization, the Credit Rating Agency Board, which would be
overseen by the Securities and Exchange Commission. The Board would be
populated with a majority of investors, a representative from the issuer
industry and credit rating agency industry, and an independent member. Instead
of letting issuers choose who will rate their products, the Board would have
discretion to implement a system that assigns credit rating agencies to provide
initial ratings to reduce conflicts of interest.
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- May 5, 2010
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