Here are our esteemed members or Congress on relying on the influence of unaccountable and entrenched ratings agencies:
Republican lawmakers have been less critical of S&P’s decision but agree that changes are needed. Rep. Randy Neugebauer (R., Texas) said banking regulators have so ingrained ratings into the financial system, they have “almost made it a given that you have to have these ratings. What we’re saying is we don’t want them totally relying on ratings in making those determinations.”
One could insert an observation about the FDA here, educational standards here, medical licensing here, occupational licensing here, and any number of similar problems we have in having people rely on an ingrained entity. Yet it is only the downgrade of US government debt by a government sanctioned oligopoly rating agency that gets bipartisan concern?