SEC Approves Measures to Strengthen Oversight of Credit Rating Agencies
"The Securities and Exchange Commission today approved a series of measures to increase transparency and accountability at credit rating agencies, and ensure that firms provide more meaningful ratings and greater disclosure to investors.

The new measures impose additional requirements on credit rating agencies, whose ratings of residential mortgage-backed securities backed by subprime mortgage loans and of collateralized debt obligations linked to subprime loans contributed to the recent turmoil in the credit markets. The SEC also proposed additional measures related to transparency and competition concerning credit rating agencies. The SEC’s actions were informed by the agency’s extensive 10-month examination of three major credit rating agencies that found significant weaknesses in ratings practices."