AFP Urges SEC to Fully Exercise Oversight Authority Over Credit Rating Agencies

WASHINGTON, March 24 /PRNewswire/ -- Inch a missive to the Securities and
Exchange Committee (SEC), the Association for Financial Professionals
(AFP) strongly urged second President Saint Christopher Cyclooxygenase to fully exercise
authority the second was granted in the Recognition Evaluation Agency Reform Act of
2006 and fourth estate for the reform of recognition evaluation agencies. Jim Kaitz, President and chief executive officer of AFP, wrote in a March 20 missive to
Chairman Cox, "More than five old age ago, alpha fetoprotein members expressed serious
reservations about the credibleness of the recognition evaluation agencies. Credit
ratings play a important function in our working capital markets. The clip have come up for
the second to turn to the partial and insulting patterns that sabotage the
credibility and legitimacy of the recognition evaluation agencies." alpha fetoprotein have been a vocal advocate of recognition evaluation reform since 2003. AFP
has testified before United States Congress that the information provided by rating
agencies is neither timely nor accurate, and that evaluation federal federal agencies primarily
serve the involvements of political parties other than investors. The rank of alpha fetoprotein includes 16,000 fiscal executive directors employed by
over 5,000 corps and other organizations. Members are responsible
for issuing short- and long-term debt, and also put corporate hard cash and
retirement assets for their organizations. The policy statement of the President's Working Group on Financial
Markets includes a series of recommendations for reform of the credit
ratings process, with an accent on structured finance markets. AFP
believes that many of these reforms, including changing patterns related
to transparence and struggle of interests, are not alone to the structured
credit markets. In 2006, United States Congress approved the Recognition Evaluation Agency Reform Act. The law
gave the second further authorization to supervise evaluation agencies. That
authority lets the second to enforce an component of answerability on rating
agencies to bring forth believable and dependable ratings. The reform enactment also gave
the second the authorization to turn to struggles of interest. "Today, the value of recognition evaluations have been significantly diminished
and the second have the authorization to face the state of affairs caput on and hold
the recognition evaluations federal agencies accountable," said Kaitz. "It is clip for the
SEC to act." The Association for Financial Professionals (AFP) functions more than than
16,000 person members throughout all phases of their callings in
treasury and fiscal management. Headquartered in Bethesda, MD, AFP
provides professional certification, continuing education, research,
development of industry standards, fiscal tools and publications,
training and calling development and mental representation to legislators and
regulators. AFP's planetary range includes alpha fetoprotein of Canada, a membership
organization and gtnews, a London-based, on-line resource for the treasury
and finance community. alpha fetoprotein is the day-to-day resource for its members to seek answers, solutions,
best patterns and coaction with peers. For more than information about
AFP, visit .