June 11, 2008
HP-1020

Under Secretary Steel Statement on SEC’s Proposed Rating Practices

New York - Under Secretary for Domestic Finance Robert K. Steel released the following statement today regarding the Securities and Exchange Commission's proposed rules for improving credit rating practices:

"Today's SEC action is an important step to enhancing disclosure to investors and market participants about the processes and practices of credit rating agencies and towards addressing conflict-of-interest issues. The President's Working Group on Financial Markets made several recommendations in March addressing credit rating issues, including review and disclosure by credit rating agencies, due diligence on the part of investors, and an assessment of the use of ratings in rules and regulations by supervisors. This SEC action makes a significant contribution towards implementing the PWG's recommendations."