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Garrett shocked to see his amendment pass

by: Jason Springer

Fri Jun 18, 2010 at 04:00:00 PM EDT



Congressman Scott Garrett was surprised the other day when in a committee meeting, Barney Frank unexpectedly decided to support Garrett's amendment that would reduce the power of rating agencies by requiring all federal agencies to remove any references to them in all regulation. Here's how it went down and check out Garrett's reaction:
But Garrett's office wasn't expecting the amendment to pass - Republican staffers on both the House and Senate sides told me last week that their Democratic counterparts told them, privately, not to expect any Republican amendments to pass. But Garrett was in for a shock when Frank interrupted him 30 seconds into his introduction of the amendment to declare that he would support it. After taking a quick voice vote, Frank declared that the ayes had prevailed. "I have some more amendments if you'd like to do them that way," Garrett joked.
That's probably why they didn't tell Garrett in advance, because they knew he'd have more amendments.
Jason Springer :: Garrett shocked to see his amendment pass
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Weaning investors off their reliance on the credit rating agencies makes some sense. However, investors, even the most sophisticated, have difficulty in analyzing the complex and often opaque instruments available in today's market.  More must be done to assure the independence, integrity, and reliability of the rating agencies themselves.  Garrett scores a point with his amendment but it's no solution.  

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