AFP urges SEC to review regulation on credit rating agencies
The Association for Financial Professionals (AFP) has sent a letter to the US Securities and Exchange Commission (SEC) chairman Christopher Cox, urging him to exercise his oversight authority over credit rating agencies.
"It's time for the SEC to act. The rating agencies do not provide accurate, credible or reliable ratings and the agencies are rife with conflicts of interests," says Jim Kaitz, president and CEO of the AFP.
Kaitz says he would like to see the SEC "reverse engineer" the process
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