In her opening remarks today at the Securities and Exchange Commission’s Roundtable on Credit Agencies, SEC Chairman Mary Schapiro stated that the role of credit rating agencies must be an area for the agency’s “intense review” as it considers how to promote investor protection and restore confidence.
Schapiro stated that while the SEC has undertaken five rulemakings in the area of credit agencies following the 2006 Credit Rating Agency Reform Act that gave it exclusive authority over rating agency registration and qualifications, there is still much more to do. She commented that the performance of rating agencies in the subprime area “has shaken investor confidence to its core.”
