U.S. Senate addresses role of credit rating agencies

The U.S. Senate approved amendments to legislation to overhaul financial regulation that deal with credit rating agencies and fees related to debit and credit cards. Sens. George LeMieux, R-Fla., and Maria Cantwell, D-Wash., sponsored a measure that would remove references in financial-services law to credit rating agencies. "We know that one of the main reasons why we had our financial debacle in 2008 was that credit agencies failed to do their jobs," LeMieux said. "They put AAA stamps of approval on products that deserve no such stamp." Senators also approved a measure that would restrict fees on transactions charged on debit and credit cards.