Statement from SEC Chairman Cox Regarding New York Attorney General Agreement With Credit Rating Agencies

FOR IMMEDIATE RELEASE
2008-109

Washington, D.C., June 5, 2008 — Securities and Exchange Commission Chairman Christopher Cox today made the following statement in connection with today's announcement by New York State Attorney General Andrew Cuomo regarding an agreement reached with three credit rating agencies:

"Today's announcement stands as an excellent example of how state and federal authorities can work together in a complementary manner. I am most appreciative of the efforts of Attorney General Cuomo and his staff to consult with the Commission and coordinate their efforts in a way that is consistent with the Commission's pending rulemaking for credit rating agencies. The Attorney General's actions, as well as the comprehensive new rules for all nationally registered credit rating agencies that the Commission will consider next week, are motivated by our mutual desire to promote ratings with integrity and curb the questionable practices that contributed to the credit market turmoil."