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Tuesday, November 29, 2005
Prof. Jonathan Macey Testifies in front of House Committee on Financial Services
Jonathan R. Macey, the Sam Harris Professor of Corporate Law, Corporate Finance, and Securities Law, testified today in a field hearing of the House Committee on Financial Services, considering the Credit Rating Agency Duopoly Relief Act of 2005.
The proposed legislation, introduced by Rep. Michael G. Fitzpatrick, would change the way the federal government regulates the agencies that provide credit ratings of companies, bonds, countries, and other institutions. Macey wrote in his prepared testimony: "The statute [Fitzpatrick] is proposing provides a valuable legislative framework that will foster more vigorous competition in the rating agency business, and provide not only better ratings but also provide strong protections for individual investors."