金融改革辩论中的早期故事行之一就是加强了评级机构的监督，被称为低悬垂的监管果实New York Times那was a can being kicked down the road. However, with heightened attention on ratings agencies of late (in the Senate as well as in the New York State Attorney General’s office), it’s back on the front burner — several proposals on how to overhaul the agency model are floating around. Some of them, while not all so radical, are fairly pragmatic, and, moreover, easy to implement. Others don’t really make any sense whatsoever.
以下是目前涉及的一些提案的快速摘要。
致电S.E.C.
去年秋季，议院金融服务委员会成员代表。Paul Kanjorski，D-Pa。，他还在资本市场，保险和政府赞助的企业举办小组委员会，推出了HR 3890，评级机构法案的问责制和透明度，其中亚博篮球怎么下串things would empower the S.E.C. to discipline executives at Nationally Recognized Statistical Ratings Organizations (NRSRO) for failures to supervise. Until the S.E.C. radically changes its image (toothless, not really effective), there's no sense going there.
- 评分：B
起诉混蛋
Kanjorski的立法提案还包括一项规定，这将使Chagrined投资者成功起诉评级机构更容易，提高责任标准。A Senate version of financial reform legislation written by Sen. Chris Dodd, D-Conn., also attempts to intensify liability standards, so that plaintiff’s lawyers, instead of having to prove fraud, need merely show that agencies failed to act reasonably when researching and assigning a rating. Hitting the NRSROs where they most hurt is an understandable approach but the unintended consequences, such as possibly scaring away a new crop of potential entrants into the ratings field thus sparking more competition, could outweigh the original intentions.
- 评级：BBB
发行人仍然付钱，只是没有选择
Sen.Al Franken，D-Minn。，早期可能介绍了对金融改革的修正案，这些改革将结束购物，这是金融服务业的阴险污染，其中一个原因（以及“信用增强”所证明的原因之一不足）如此多的灾难性交易以最高的评级创作。The Senate on Friday May 14 passed Franken’s amendment to the Senate bill, paving the way for the creation of an S.E.C.-administered but independent board of mostly investor community members who would be responsible for choosing which NRSRO rated a deal, not the bankers eager to get the highest possible rating. Creating yet another new entity in a regulatory framework awash in alphabet soup seems like overkill and the relevance of ratings becomes further entrenched in a system that needs to be weaned off them, plus there’s no telling what new conflicts creep up under this model. Yet the Franken proposal, modeled after work done by a pair of New York University law professors, in one swift blow cuts directly to the heart of the financial crisis.
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参考Removal
An amendment proposed by Sen. George LeMieux, D-Fla., also passed earlier this month and will be included in the Senate version of financial reform. LeMieux’s solution is to do away with a host of statutory references to credit ratings, an attempt to undercut the relevance of ratings by eliminating instances where by law government agencies or securities firms need to own things that are rated investment grade by an NRSO. The S.E.C. is already setting about pruning some references to ratings requirements from the Investment Company Act of 1940 and the Securities Exchange Act of 1934, and in doing so prompted some blowback from money market fund industry members who insist they rely on ratings to set a firm threshold for what these vehicles can hold. Ratings are too intertwined in the financial system and in a myriad of contractual instances to think we can write them out of history, although the agencies themselves welcome the notion that they can be taken down from pedestals.
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Constant Surveillance
Sen.Bill Nelson，D-Fla，一直在推动一项修正案，即使没有支付，也迫使转额代理人迫使机构不断调查。大多数交易都涉及正在进行的监督，各机构总是在做未经请求的意见作品，所以这似乎不是很有用，但这不是我们听说过的最糟糕的想法。
- 评级：BB
Investor, Eat Thine Own Cooking
斯坦福律法教授Joe Grundfest的白皮书是一种新的投资者拥有的新品种，政府的评分机构在纸上有意义。但随着发行人的薪酬模型，最终会在这些新机构中出现新的冲突，只要他们为利润而努力。尽管如此，这种范式转变可能会产生更多的评级，更好的评级和更多的竞争。在媒体上，没有立法者对这个想法起来了，但市场可以在它想要的任何时候这样做。有时-并不总是，但有时候-市场真的知道什么是最好的。
- 评级：AA
Rich Blake是一家纽约市的自由金融记者。他目前为机构投资者杂志，路透社和Abcnews.com贡亚博赞助欧冠献给机构投资者杂志。