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- Credit_Rating_Agency_Reform_Act abstract "The Creating Credit Rating Agency Reform Act 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.Enacted after being signed by President Bush on September 29, 2006, it amended the Securities Exchange Act of 1934 to require nationally recognized statistical rating organizations (NRSROs) to register with the Securities and Exchange Commission (SEC).Critics had complained that the dominance of "the big three" rating agencies -- Standard & Poor’s Ratings Services, Moody's Investors Service and the smaller Fitch Rating—were in part responsible for the subprime mortgage crisis of 2006-8. The agencies rated 98% of the trillions of dollars of home-mortgage oriented "structured investment" products. Hundreds of billions dollars' worth of securities given the agencies highest—triple-A -- rating were later downgraded to "junk" status, and the writedowns and losses came to over half a trillion dollars.The Act abolished the SEC’s authority to recognize “nationally recognized ratings agencies,” and allowed smaller credit ratings companies with three years of experience to register as “statistical ratings organizations.” The intent of the U.S. Congress was to increase the choice for consumers by opening the market to a greater number of ratings agencies, and also to incent accurate and reliable ratings.".
- Credit_Rating_Agency_Reform_Act wikiPageExternalLink text.
- Credit_Rating_Agency_Reform_Act wikiPageExternalLink www.sec.gov.
- Credit_Rating_Agency_Reform_Act wikiPageID "38671488".
- Credit_Rating_Agency_Reform_Act wikiPageRevisionID "603060100".
- Credit_Rating_Agency_Reform_Act hasPhotoCollection Credit_Rating_Agency_Reform_Act.
- Credit_Rating_Agency_Reform_Act subject Category:2006_in_law.
- Credit_Rating_Agency_Reform_Act subject Category:United_States_Securities_and_Exchange_Commission.
- Credit_Rating_Agency_Reform_Act subject Category:United_States_federal_securities_legislation.
- Credit_Rating_Agency_Reform_Act comment "The Creating Credit Rating Agency Reform Act 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.Enacted after being signed by President Bush on September 29, 2006, it amended the Securities Exchange Act of 1934 to require nationally recognized statistical rating organizations (NRSROs) to register with the Securities and Exchange Commission (SEC).Critics had complained that the dominance of "the big three" rating agencies -- Standard & Poor’s Ratings Services, Moody's Investors Service and the smaller Fitch Rating—were in part responsible for the subprime mortgage crisis of 2006-8. ".
- Credit_Rating_Agency_Reform_Act label "Credit Rating Agency Reform Act".
- Credit_Rating_Agency_Reform_Act sameAs m.0r8pv2f.
- Credit_Rating_Agency_Reform_Act sameAs Q16828368.
- Credit_Rating_Agency_Reform_Act sameAs Q16828368.
- Credit_Rating_Agency_Reform_Act wasDerivedFrom Credit_Rating_Agency_Reform_Act?oldid=603060100.
- Credit_Rating_Agency_Reform_Act homepage www.sec.gov.
- Credit_Rating_Agency_Reform_Act isPrimaryTopicOf Credit_Rating_Agency_Reform_Act.