Sen. Franken to Speak at SECs Roundtable on Credit Rating Industry Reform
Senator Will Push for SEC to Swiftly End Conflict of Interest that Plagues Industry, Threatens Economy
Today, U.S. Sen. Al Franken (D-Minn.) announced that he will participate in the Securities and Exchange Commission's (SEC) May 14th roundtable to examine the SEC's report on the credit rating industry and proposals for credit rating reform.
The report was mandated by a provision authored by Sens. Franken and Roger Wicker (R-Miss.) in 2010's Wall Street reform law. The provision requires the SEC to examine the conflicts of interest in the credit rating system that played a major role in the 2008 economic collapse and hurt millions of Americans.
"The savings of millions of people looking forward to retirement in Minnesota and across the country - and the stability of our economy - are still at risk because the enormous problems in the credit rating industry haven't been fixed," said Sen. Franken. "I look forward to discussing proposals to reform the industry at the upcoming roundtable and hope the SEC takes quick action following the discussion."
WHO: U.S. Sen. Al Franken
WHAT: SEC's Credit Rating Roundtable
WHEN: Tuesday, May 14th, at 9:00 a.m. EST
WHERE*: Securities Exchange Commission, Room L-002 (the Auditorium)
100 F Street, NE, Washington, DC 20549
*You can also view a live webcast of the roundtable here: www.sec.gov
Read more about the roundtable HERE.