Washington begins writing out reliance on ratings agencies
Washington on Wednesday issued notice of its intent to write a rule barring official-sector institutions including the Federal Reserve from using ratings agencies' assessments as an indicator of an instrument's creditworthiness.
The rule will require that the Fed, the Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and Office of Thrift Supervision, modify their existing regulations to replace reliance on credit ratings issued by agencies with "other standards of
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