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The Credit Rating Agency Reform Act ( Pub. L. 109–291 (text) (PDF)) is a United States federal law whose goal is to improve ratings quality for the protection of investors and in the public interest by fostering accountability, transparency, and competition in the credit rating agency industry. [1]
The Credit Rating Agency Reform Act of 2006 created a voluntary registration system for CRAs that met a certain minimum criteria, and provided the SEC with broader oversight authority. The practice of using credit rating agency ratings for regulatory purposes has since expanded globally.
In 2006, following criticism that the SEC's "No Action letter" approach was simultaneously too opaque and provided the SEC with too little regulatory oversight of NRSROs, the U.S. Congress passed the Credit Rating Agency Reform Act of 2006, Pub. L. Tooltip Public Law (United States) 109–291 (text), 120 Stat. 1327, enacted September 29, 2006 ...
In the midst of the very tense debt ceiling standoff of 2011, Standard and Poor’s downgraded US debt for the first time in history. That downgrade happened on a Friday afternoon, so investors ...
e. Credit rating agencies and the subprime crisis is the impact of credit rating agencies (CRAs) in the American subprime mortgage crisis of 2007–2008 that led to the Financial crisis of 2007–2008 . Credit rating agencies, firms which rate debt instruments / securities according to the debtor's ability to pay lenders back, played a ...
Fitch downgraded its credit rating for the U.S. government, from AAA to AA+, two months after the debt-ceiling crisis was resolved. “In Fitch’s view, there has been a steady deterioration in ...
The Dodd–Frank Wall Street Reform and Consumer Protection Act, commonly referred to as Dodd–Frank, is a United States federal law that was enacted on July 21, 2010. The law overhauled financial regulation in the aftermath of the Great Recession, and it made changes affecting all federal financial regulatory agencies and almost every part of the nation's financial services industry.
A daily look at legal news and the business of law: Credit Raters' Fears Freeze Some Bond Markets Well look at that: Now that credit ratings agencies can be sued for issuing inflated ratings, they ...