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Rising
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Do Ratings Agency Have the Force of Law?
Prior to 1975, Moody's was like an advisory agency and its ratings had no force of law. The development of this designation from the SEC where ratings agencies have the force of law was really about allowing banks and insurance companies to prop up the corporate bond market in a totally unprecedented way. So that to me, I think we should go back to not having giving private credit ratings, oligopolies, the force oflaw in what they explicitly say time and time again are opinions protected by the First Amendment.
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