May. 19, 2022
Dear SEC Chair Gary Gensler, SEC Commissioners, Ladies and Gentlemen, I support this rule change as credit rating industries have proved obsolete. The credit agencies have repeatedly demonstrated an inability to accurately describe credit status historically and have actually been the cause of allowing equities to enjoy quality credit ratings that acted as the catalyst for the 2008 recession. Currently, credit rating agencies show Tesla as junk rated credit despite having higher quality financials than then the credit rating agencies' highest rated equities. The credit rating industries have too much power over financial markets along with a history of poor judgement in their credit ratings. Thank you, Kevin Kern, MD