Frank plans legislation on municipal bond ratings

06/13/2008 | Wall Street Journal, The

Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, said he plans to propose legislation that will change the way municipal bonds are rated. On Thursday, Moody's Investors Service proposed changing the scale for municipal bonds to one similar to that of the corporate scale. Mr. Frank's plan is to make Moody's proposal a requirement for all rating agencies.

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