 In May 2010 , Franken proposed a financial reform legislation amendment which would create a board to select which credit rating agency would evaluate a given security ; currently any companies issuing a security may select which company evaluates the security . The amendment was passed ; however , the financial industry lobbied to have Franken 's amendment removed from the final bill . Negotiations between the Senate and House , whose version of financial reform did not include such a provision , resulted in the amendment 's being watered down to require only a series of studies being done upon the issue for two years . After the studies , if the Securities and Exchange Commission has not implemented another solution to the conflict of interest problem , Franken 's solution will go into effect . 
