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Al Franken's amendment good enough, smart enough, people like it

Al Franken's amendment to end the absurd situation where banks can shop for their rating agency got 64 votes, including 10 Republicans. For background on it, read this interview I did with Franken last week.

By Ezra Klein  |  May 13, 2010; 1:03 PM ET
 
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Comments

I gotta admit, I never was a Franken fan, either on Air America or as a senator. And, even now, I have a hard time believing this is his idea.

But the need to change how the rating agencies work is just common sense, and this sounds like a good a way to do it as anyway. Good job, Al.

Posted by: Kevin_Willis | May 13, 2010 1:26 PM | Report abuse

title owns

Posted by: gtevans | May 13, 2010 5:00 PM | Report abuse

Aaagh, you went there.

Posted by: lizolan | May 13, 2010 5:27 PM | Report abuse

gosh darnit that's an excellent title!

Posted by: Owen_Truesdell | May 13, 2010 6:30 PM | Report abuse

Indeed this is one of the rare examples where a Senator is able to insert & pass a sensible amendment, so obvious to common sense.

There are no good options in regulating rating agencies and this one is more practical and effective.

Hope this amendment sustains in the final bill. The success of this amendment will be reflected in terms of how the current cartel (S&P, Fitch & Moody garnering lions share of rating market today) is broken by more players getting serious opportunities.

Posted by: umesh409 | May 13, 2010 9:21 PM | Report abuse

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