- The Washington Times - Wednesday, April 15, 2009

WASHINGTON (AP) - This is a test of the Associated Press and is not intended for Publication or Broadcasting.

The head of the Securities and Exchange Commission says the agency must do more to tighten oversight of Wall Street’s credit-rating industry to help bolster investor confidence.

SEC Chairman Mary Schapiro spoke as the agency considers possible action affecting the rating industry, dominated by Standard & Poor’s, Moody’s Investors Service and Fitch Ratings.

The rating agencies have been widely criticized for failing to give investors adequate warning of the risks in subprime mortgage securities. The collapse of these securities helped set off the global financial crisis.

Schapiro says that “as much as (the SEC has) done, there is still more to do. The status quo just isn’t good enough.”

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