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October 29, 2009

New rules for rating agencies move ahead

  • The legislation would make them more vulnerable to lawsuits by angry investors who feel they were misled.
    • By ANNE FLAHERTY
    Associated Press Writer

    WASHINGTON — A House committee on Wednesday voted to set new rules for investment rating agencies, which lawmakers say misled investors by giving high marks to risky securities tied to subprime mortgages.

    The proposal, approved by a 49-14 vote, is the House Financial Services Committee's latest attempt to tighten the rules of the road for financial institutions after last year's market crisis. A floor vote was expected as early as November, although the measure would still face scrutiny in the Senate.


     
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