Washington, D.C.-Today, Congressman Patrick McHenry (NC-10), Chairman of the Oversight Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs, issued the following remarks regarding the SEC’s proposed rule changes for credit rating agencies:

“As mortgage products were packaged and sold as securities during the boom in the housing market, the credit rating industry consistently gave undeservedly-high ratings to many of these securities.  This was a significant contributor to the financial crisis that followed.

“The SEC’s proposal today is an important first step towards greater transparency and disclosure from the ratings agencies.”

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