OCC urges Congress to change reference to credit ratings in rules

11/17/2011 | Risk.net (subscription required)

John Walsh, the acting comptroller of the currency, wants Congress to tweak a Dodd-Frank provision that he said is complicating efforts to implement global rules. The clause requires regulators to remove references to credit ratings in its rules. "We have been talking to Congress and other agencies about the need for some sort of very modest fix to Dodd-Frank that turns a ‘you may never' into a ‘you may, in limited circumstances.' Eventually, that's where we have to be," Walsh said.

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