Although they were integral to the economic collapse, rating agencies thusfar have been spared regulatory reform from Congess. Former deputy Comptroller of the Currency Robert Bench, now senior fellow at the BU law school’s Morin Center for Banking and Financial Law, says overhaul is needed but it can wait.
“The dangers and weaknesses in the credit rating agency process remain, structurally, but I think we can afford not addressing them in current legislative proposals. At its simplest, the Congress already has too much on its plate with currently proposed financial regulation legislation to also tackle rating agencies just now.”
Contact Robert Bench, 617-353-5428, email@example.com