Ratings System on the Hook, Thanks to Al Franken

[babylonsister]

http://www.theatlantic.com/politics/archive/2010/05/ratings-system-on-the-hook-thanks-to-al-franken/56683/

Ratings System on the Hook, Thanks to Al Franken

May 13 2010, 2:51 PM ET | Comment


Admittedly, I know very little about securities rating agencies, what they do, and how they should be regulated. I'll defer to my colleague, Daniel Invdiviglio, at the Atlantic Business Channel on that. But Sen. Al Franken succeeded in passing an amendment to the financial reform bill today that would aggressively regulate the ratings system, with a new board issuing ratings from the agencies. See Dan's post for more on what the amendment will do.

It's Franken's most significant legislative accomplishment to date, since entering the Senate last year after the protracted ballot-counting in his 2008 Senate race. Previously, Franken successfully pushed for language in health care reform requiring insurance companies to spend a certain percent of revenue on health care, and in including language in the FY2010 Defense appropriations to bar government contractors from forcing employees into arbitration (and preventing them from suing) over allegations of sexual harassment, assault, or discrimination. The financial reform bill hasn't passed yet, of course, but this is the biggest thing the comedian-turned-legislator (does one ever stop being a comedian?) has done in his legislative career so far.

More here:

http://www.theatlantic.com/business/archive/2010/05/frankens-aggressive-rating-agency-reform-passes/56674/

Franken's Aggressive Rating Agency Reform Passes

[Brickbat]

1. Goodness, I thought this was movie ratings, and until I read it was I was thinking, WHAT?

I recced this. Glad to see the unrec brigade has stopped in already. :hi:

[madokie]

2. One thing about it many of us here seen this one coming

That Sen. Franken was going to be a big asset to our governing body.

We need many more just like him

[rurallib]

4. He seems to be the outsider who has come in to get some things done

we need 59 more like him.

[Usrename]

3. In case you missed it,

Franken explains cartoon on Senate floor:

http://washingtonscene.thehill.com/in-the-know/36-news/3991-franken-uses-a-cartoon-to-explain-complex-financial-dynamic