TV News LIES

Thursday, Mar 23rd

Last update05:20:13 AM GMT

You are here News Congress Credit rating Industry wrote provision that undercuts credit-rating overhaul

Credit rating Industry wrote provision that undercuts credit-rating overhaul

E-mail Print PDF

Moody'sMoments before the Senate overwhelmingly passed a bill to overhaul the credit ratings industry seven years ago, Republican and Democratic sponsors took turns touting its promise for ending an entrenched oligopoly.

The bill, they said, should break the vicelike dominance of three agencies – Standard & Poor’s Ratings Services, Moody’s Investors Service and the smaller Fitch Ratings – in an industry that serves as a crucial watchdog over the nation’s financial system.

What’s escaped public scrutiny until now, however, is that the law’s tough criteria defining when a newcomer could join the industry weren’t written by Congress. They were crafted by a yet-to-be-identified official of one of the big three ratings agencies, a former aide to the Senate Banking Committee has told McClatchy.

Experts and the heads of unregistered ratings firms worry that congressional staffers, in seeking help to ensure that fly-by-night companies couldn’t win federal approval, inadvertently let the fox into the coop.

TVNL Comment:  So, what else is new?  ALEC writes domestic laws for Congress and state legislatures, AIPAC determins Middle East policies, energy companies control government regulatory laws....on and on and on.  Why is it surprising that rating companies draw up bills that determine their control of the financial system of the US?  Wake up, America.

More...

 


Most Recent Related Stories...


Schumer: Dems Will Filibuster Gorsuch Nomination

Chuck SchmerOn the final day of the confirmation hearings for Judge Neil Gorsuch, the Senate Democratic leader...

4 Unanswered Questions About The FBI's Russia Investigation

Unanswered questions at Intel hearingsFBI Director James Comey lit the fuse Monday on a political time bomb and no one...

Dem senator: House Intel chairman may have revealed classified info

nunesA Democratic senator said Wednesday that House Intelligence Chairman Devin Nunes (R-Calif.) might have leaked classified...

Comey confirms FBI probe into Trump-Russia collusion

Comey confirms FBI collusion probeFBI Director James Comey confirmed to the House Intelligence Committee on Monday that the FBI is...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!