In his opening statement Chairman Randy Neugebauer voiced strong objections to various provisions of the new financial reform law. Neugebauer said the big three credit-rating agencies continued to conduct business as in the past when they inflated grades on toxic mortgage products that fueled the 2008 financial crisis. Subcommittee Ranking Member Mike Capuano thought the credit rating agencies were more vigilant, but he pushed regulators on their work to develop an alternative to the current system.
