Agencies feel the hot breath of regulators as reform bill clears Congress
The new rules aim to increase the oversight of rating agencies by the SEC and open up the industry to more competition by making it easier for agencies to gain SEC recognition
New legislation aimed at increasing transparency and competition among rating agencies was signed into law by President George Bush on September 29, after passing both houses of Congress with overwhelming support.
Congressman Michael Fitzpatrick, a Republican from Pennsylvania who sponsored the original bill in the House, said at the signing: "In light of the mistakes S&P and Moody's made by telling investors that Enron and WorldCom were safe investments just days before they filed for bankruptcy
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