by Chairman Christopher Cox
Good morning. This is an open meeting of the U.S. Securities and Exchange Commission under the Government in the Sunshine Act on June 25, 2008.
Today we are continuing our consideration of several rules that would reform the regulation of credit rating agencies. We have divided consideration of these several rules into three parts. Two weeks ago, on June 11, the Commission proposed the first two parts. Today we will consider the third part.
The entire package of reforms is born of the subprime mortgage crisis, and the resulting credit crunch. These events of recent months have had a profound effect on our economy and our markets, and they have galvanized regulators and policymakers not only in this country but around the world to re-examine every aspect of the regulatory framework governing credit rating agencies.
See full Statement.
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