U.S. Sen. Al Franken (D-Minn.) marked the 5th anniversary of the financial crisis with a call for more to be done to end the inherent conflict of interest in the credit rating industry. The credit rating agencies played a key role in the economic downturn and continue to jeopardize the financial stability of Americans.
"We've made some significant progress in our efforts to prevent another economic meltdown, but the work is not done," said Sen. Franken "The financial stability of millions of hardworking Americans is still at risk because the SEC hasn't taken the necessary steps to clean up the credit rating agencies-the industry credited with playing a key role in the collapse. The measure I wrote into the Wall Street Reform Law would eliminate the inherent conflict of interest in the industry and end their pay-to-play model. I'm working hard to make sure the law gets implemented so that Minnesotans don't have to suffer through the devastation of another economic collapse."
Sen. Franken, along with his Republican colleague Sen. Roger Wicker (R-Miss.), authored a provision in the 2010 Wall Street Reform Law that is designed to reform the credit rating agencies and end the practices that contributed to the financial meltdown.