A divided U.S. Securities and Exchange Commission on Wednesday adopted new rules for credit-rating agencies, stepping up review and disclosure requirements and adding safeguards to prevent sales and marketing considerations from influencing the ratings.
The new rules “create an extensive framework of robust reforms,” said SEC Chairwoman Mary Jo White at a meeting at the agency’s headquarters in Washington. “Together, this package of reforms will improve the overall quality of [credit ratings] and protect against the re-emergence of practices that contributed to the recent financial crisis.”
