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News Link • Continental Congress 2009

Bill to tighten rules on ratings agencies has big loopholes

• McClatchey
 The House Financial Services Committee was scheduled to approve the Accountability and Transparency in Rating Agencies Act on Wednesday, but on Tuesday it postponed the vote for a week

The draft legislation proposed by Rep. Paul Kanjorski, D-Pa., goes farther than Obama's recommendations, but it doesn't address some of the ratings agencies' most egregious abuses.

"I think that it's well-intentioned, but I'm afraid it will have little practical effort," said Eric Kolchinsky, who was a managing director in Moody's

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