Connecticut U.S. Senator Richard Blumenthal is going after the Securities and Exchange Commission, calling on the agency to “immediately” releases the names of ten credit rating agencies tied to the Wall Street collapse in 2008.
Mr. Blumenthal joined Oregon U.S. Senator Ron Wyden on Thursday, demanding SEC Chairwoman Mary L. Schapiro make public the names of the credit agencies the agency said were found to have “non-compliant or deficient procedures and other shortcomings.”
“These findings are highly significant, but their value is seriously limited without the credit rater’s name. In light of our current economic climate, we believe this information would prove valuable to the public,” Mr. Bluemnthal said in a statement. “The public has a right to know this very pertinent and important information from a congressionally mandated inquiry.”
“The SEC’s recent examination, mandated by the Dodd-Frank Bill, is a thorough investigation of the agencies who may have contributed significantly to the financial crisis due to lack of strong financial scrutiny,” Mr. Blumenthal added.
The investigation comes as members of Congress has expressed concerns with the current implementation of the Dodd-Frank measure. Republicans on the U.S. House Financial Services Committee urged a congressional supercommittee on Thursday to consider overhauling the Dodd-Frank Act as part of an effort to reduce the federal budget deficit.
