A sample of comments in response to the SEC's rating agency reform proposals suggests the market could find itself in a situation where the government must balance its interest in oversight and control with its plans to avoid more responsibilities and liabilities. It also may need to balance its aim to restrict conflicts of interest with another reform goal involving more sharing of information and transparency.

The American Securitization Forum and Standard & Poor's, for example, have said they are opposing a proposal to create a board that would choose which rating agency is allowed to rate any given new issue securitization on the grounds that government involvement could be a concern.

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