FULL COMMITTEE HEARING: Credit Rating Agencies and the Next Financial Crisis

Date: 
Wednesday, September 30, 2009 - 10:00am
Location: 
2154 Rayburn House Office Building

On Wednesday, September 30, 2009, Chairman Edolphus “Ed” Towns (D-NY) reconvened the House Oversight and Government Reform Committee’s hearing to examine what role inaccurate credit ratings played in the current financial crisis, and what regulatory changes need to be implemented to prevent a future collapse.

The hearing titled, “Credit Rating Agencies and the Next Financial Crisis,” took place in room 2154 Rayburn House Office Building at 10:00 a.m., and featured testimony from individuals with an intricate knowledge of credit rating agencies and their ability to accurately rate complex financial securities.

Witnesses

PANEL I

Mr. Ilya Eric Kolchinsky, Former Managing Director, Moody’s Investors Service

Mr. Scott McCleskey, Former Senior Vice President for Compliance, Moody’s Corporation

Mr. Richard Cantor, Chief Risk Officer, Moody’s Corporation and Chief Credit Officer, Moody’s Investors Service

PANEL II

Senator Alfonse M. D’Amato, Former Chairman, Senate Committee on Banking

Mr. Floyd Abrams, Partner, Cahill Gordon & Reindel, LLP

Mr. Eric Baggesen, Senior Investment Officer, California Public Employees Retirement System (CalPERS)

Professor Lawrence J. White, Leonard N. Stern School of Business, New York University

111th Congress