Update II
May 13, 2010 | federal legislation, industry | Comments (0)Senator Al Franken announced several new co-sponsors to his amendment # 3808 concerning credit rating agencies. Franken then outlined what his amendment would do to reform the credit rating system.
Senator LeMieux offered amendment # 3774 (Removal of statutory references to credit ratings)Schumer said he supports the Franken amendment because it gets at the heart of the conflict of interest between credit rating agencies and issuers.
Senator Dodd said he likes the idea of the Franken amendment, but has some concerns because the system proposed by the Franken amendment is untested. Also says the LeMieux amendment would strip out safety and soundness provisions. This requires further study.
Senator Snowe on the floor now discussing Snowe-Pryor amendment # 3883, which would require the CFPB to fully consider the economic impact of its rules and regulations on small businesses. Pryor, Levin discussing same, decrying the conflict of interest between rating agencies and issuers.
Voting now on Franken amendment # 3808..
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