Press Release: Rapid Ratings International CEO, James Gellert will address House Financial Services Committee on Wednesday, September 30
September 29, 2009
James H. Gellert, Chairman and CEO of Rapid Ratings International,
Will Address Credit Rating Industry Reform and Oversight,
To the United States House of Representatives Committee on Financial Services and
Subcommittee on Capital Markets, Insurance, and Government Sponsored
Enterprises Hearing on Wednesday, September 30.
NEW YORK, September 29, 2009 – On Wednesday, September 30, 2009, James H. Gellert, Chairman and CEO of Rapid Ratings International, is scheduled to testify on “Reforming Credit Rating Agencies” at a hearing of the United States House of Representatives Committee on Financial Services and Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises. The hearing will be held at 2:00 pm at the 2128 Rayburn House Office Building.
The hearing will be webcast on http://financialservices.house.gov/ and it will focus on ways to improve the regulation of credit rating agencies, including an assessment of a recent Draft Release by the Subcommittee. Recently, Mr. Gellert provided testimony to the SEC and U.S. Senate Committee on Banking, Housing and Urban Affairs on related topics.
As demonstrated by the recent global financial crisis, the traditional ratings agency business model is broken, and requires corrective action to curb conflicted behavior by the “issuer-paid” rating agencies and to increase competition. Mr. Gellert has been widely quoted and interviewed on the benefits of having a stronger, more-competitive ratings agency industry.
Rapid Ratings International is an independent rating and analytics firm that provides ratings of thousands of companies’ financial health for investment and risk management professionals, using a unique, proprietary quantitative ratings system. The firm’s ratings have been demonstrated to provide early, actionable information so that investors can make more well-informed investment and trading decisions.
In addition to Mr. Gellert, witnesses at the September 30 hearing will include: Mr. Daniel M. Gallagher, Co-Acting Director, Division of Trading and Markets, U.S. Securities and Exchange Commission; Mr. Raymond McDaniel, Chairman and Chief Executive Officer, Moody’s Corporation; Mr. Deven Sharma, President, Standard & Poor’s; Mr. Stephen W. Joynt, President and Chief Operating Officer, Fitch Inc.; Mr. Robert Dobilas, President and Chief Executive Officer; RealPoint LLC; and Mr. Kurt Schacht, Managing Director, CFA Centre for Financial Market Integrity
About Rapid Ratings International
Rapid Ratings International, based in New York City, is an independent rating and analytics firm that provides ratings of thousands of companies’ financial health for investment and risk management professionals, using a unique, proprietary quantitative ratings system. Rapid Ratings’ Financial Health Ratings (or FHRs™) measure a company’s provide early, actionable information so that users can evaluate credit risk more accurately, as well as make more well-informed investment and trading decisions. Rapid Ratings’ customers include corporations, as well as sell-side and buy-side financial institutions. More information on Rapid Ratings International can be found at rapidratingscom.stage.emagineusa.com.
Contact: Lew Koflowitz, High Impact Marketing Communications, 914.924.5311
email@example.com • 646.233.4600 • 86 Chambers Street, Suite 701, New York NY 10007 • rapidratingscom.stage.emagineusa.com