Q: Have lawmakers fixed the credit rating system?
A: There have been some reforms, but critics say they don’t go far enough.
Under the 2010 overhaul of financial rules known as the Dodd-Frank Act, the Securities and Exchange Commission gained stronger powers to oversee rating agencies. Safeguards were put in place to prevent banks from shopping around for the best rating.
Some proposals went farther. One would have randomly assigned a rating agency to each investment. It did not make the final bill.
Daniel Wagner can be reached at www.twitter.com/wagnerreports .