Credit raters' credibility came under fire once again this month as Investment Company Institute President Paul Schott Stevens called for increased competition among and oversight of credit rating agencies.

Calling for Congress to act where the Securities and Exchange Commission has stalled, Stevens was one of several witnesses to urge members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs to create laws to open the industry, which financial services professionals depend upon when making almost any investment decision. Money market funds especially, a $2 trillion marketplace, depend on these ratings since regulations preclude their holdings from falling below a certain rating.

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