Speaking now @FSCDems Capital Markets Subcommittee hearing on oversight of the #SEC’s offices & divisionshttps://www.youtube.com/watch?v=OVV0zneOIDs …
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Yet, you have not levied any fines or penalties on ratings agencies.
You have not used your statutory authority under Section 15E of the Securities Exchange Act to suspend agencies or individuals from ratings.
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And Office of Credit Ratings (OCR’s) public examinations do not even identify the specific ratings agencies that violate procedural rules.
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Your testimony states that the OCR attempts to “serve the public interest and protect users of credit ratings”.
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Do you really believe it's possible to do without either eliminating financial conflicts of interest in the ratings agency business model
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