TV News LIES

Thursday, Mar 28th

Last update03:41:26 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...


Groundbreaking former senator, vice presidential nominee Joe Lieberman dies at 82

Joe Lieberman dies at 82Former Sen. Joe Lieberman, the 2000 Democratic nominee for vice president who later became a political...

Republicans lash out at Greene over threat to oust Speaker Johnson

MTGHouse Republicans are lashing out at Rep. Marjorie Taylor Greene (R-Ga.) over her surprise bid to...

Alexandria Ocasio-Cortez calls Israeli Gaza campaign an ‘unfolding genocide’

AOC calls i what it is: Gaza geoncideProgressive US congresswoman Alexandria Ocasio-Cortez called the Israeli military campaign in Gaza an “unfolding genocide” in...

Republican House majority to shrink as Mike Gallagher steps down

Mike Gallagher resigns The Republican majority in the US House of Representatives is set to dwindle further with the...
 
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!